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AGENCY NAME: Water Conservation Board AGENCY NUMBER: PDA ROUTING NUMBER: JIU--Y' , <..., \.) $188,000 LOAN CONTRACT THIS CONTRACT, made this ][)1h day of ()e:t1tJt!i) 1997, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and The Weldon Valley Ditch Company, a Colorado nonprofit corporation, P.O. Box 626, Weldona, CO 80653, hereinafter referred to as the BORROWER and/or CONTRACTOR. FACTUAL RECITALS 1. Authority exists in the law, and funds have been budgeted, appropriated and otherwise made available and a sufficient unencumbered balance thereof remains available for payment in Fund Number 424, Organization YYYY, Appropriation L97, GBL WELD Program WTRC, Object Code 5110, Reporting Category: 3792, Contract Encumbrance Number C153792. 2. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. . 3. Pursuant to the provisions of SS 37-60-119 and 37-60-120,15 C.R.S. (1990 and Supp. 1996) the STATE is authorized to loan money for the construction of water projects for the benefit of the people of the STATE, provided that the borrower assures repayment of that money. 4. The BORROWER is a duly constituted Colorado nonprofit corporation located in Weld and Morgan Counties, State of Colorado. 5. The BORROWER has applied to the STATE for a loan to be used for financing the rehabilitation its diversion structure on the South Platte River, hereinafter referred to as PROJECT, at an estimated total cost of $ 250,000. 6. The STATE has reviewed a feasibility report prepared by Obermyer Hydro, Inc., which is incorporated herein by reference, and, based upon this feasibility report, the STATE determined the PROJECT to be technically and financially feasible. 7. At its November 25, 1996 meeting, the CWCB approved a loan to the BORROWER in an amount of up to $188,000 (not to exceed 75% of the costs of the PROJECT) at an interest rate of 3.5% per annum for a term of twenty years. 8, Pursuant to 1997 Colo. Sess. Laws, Ch. 168, Section 1 (1 )(h), the General Assembly authorized the CWCB to loan to the BORROWER an amount not to exceed $188,000 to finance the costs ofthe PROJECT. 9. The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon mutually agreeable terms and conditions. The Weldon Valley Ditch Company Page 1 of 14 Loan Contract