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<br />BORROWER: JULESBURG IRRIGATION DISTRICT
<br />Contract No, C150060
<br />Loan Amount $100,000
<br />
<br />Agency Name: Water Conservation Board
<br />Agency Number PDA '
<br />Routing Number C"CJ6 5~
<br />
<br />LOAN CONTRACT
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<br />THIS CONTRACT, made this 1st day of March 2001 by and between the State of
<br />Colorado for the use and benefit of the Department of Natural Resources, Colorado Water
<br />Conservation Board ("CWCB" and/or the "STATE"), and Julesburg Irrigation District, 315
<br />Cedar Street, Julesburg, CO 80737 ("BORROWER" and/or "CONTRACTOR").
<br />
<br />FACTUAL RECITALS
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<br />1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise
<br />made available and a sufficient unencumbered balance thereof remains available for
<br />payment as follows: Fund Number 424, Organization YYYY, Appropriation Code SPL,
<br />GBL J060, Program WTRC, Object Code 5560, Reporting Category 0060, Contract
<br />Encumbrance No. C150060A
<br />
<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies.
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<br />3. CWCB's authority for making this loan: Pursuant to the provisions of SS 37-60-119 and
<br />37-60-120, C,R.S" the CWCB is authorized to loan money for the construction of water
<br />projects for the benefit of the people of the STATE, provided that the borrower assures
<br />repayment of that money,
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<br />4. The Project Summary, attached as Appendix 1 and incorporated herein, contains
<br />BORROWER Information (Section 1) and the PROJECT Description (Section 2),
<br />
<br />5. Board approval and legislative authorization, if required
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<br />a, At its November 2000, meeting, the CWCB approved a loan to the BORROWER in an
<br />amount up to $100,000, ("LOAN AMOUNT") at an interest rate of 3.5% per annum for a
<br />repayment term of 30 years,
<br />
<br />b. Section 37-60-122,7, C,R.S., authorizes the CWCB to make loans of up to $100,000
<br />from the Small Project Loan Account of the Construction Fund without prior approval
<br />from the General Assembly if the CWCB determines that delay would result in
<br />undue hardship on the borrower, The CWeB determined that the BORROWER will
<br />suffer undue hardship if the PROJECT is not completed as soon as possible because
<br />the Peterson Ditch drop structure could fail during a flood, making it dangerous to
<br />operate.
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<br />6, The Borrower held an election on December 5, 2000, whereby its electors approved
<br />increasing the Borrower's debt by up to $100,000 for the purpose of reconstructing the
<br />Peterson Ditch drop structure, as shown on the Borrower's special Election Official
<br />Return, which is incorporated herein by reference.
<br />
<br />THEREFORE, in consideration of the mutual and dependent covenants contained herein,
<br />
<br />Julesburg Irrigation District
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<br />Loan Contract
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