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C150115 Contract
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C150115 Contract
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Last modified
8/1/2013 11:13:50 AM
Creation date
10/6/2006 12:14:36 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150115
Contractor Name
Riverside Ditch and Allen Extension Company, The
Contract Type
Loan
Water District
11
County
Chaffee
Bill Number
MC3
Loan Projects - Doc Type
Contract Documents
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<br />BORROWER: RIVERSIDE DITCH AND ALLEN <br />EXTENSION COMPANY. <br />Contract No. C150115 <br />loan Amount $50.000 <br /> <br />Agency Name: Water Conservation Board <br />Agency Number PDA <br />Routing Number 03 PDA (JOO(P f <br /> <br />LOAN <br /> <br />CONTRACT <br /> <br />THIS CONTRACT, made this December 1, 2002, is 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" or "STATE"), and The Riverside Ditch and Allen Extension <br />Company, P.O. Box 892, Buena Vista. CO 81211, a Colorado nonprofit corporation <br />("BORROWER" or "CONTRACTOR"). <br /> <br />FACTUAL RECITALS <br /> <br />1. Authority exists in the law, and funds have been budgeted, appropriated and otheI'Nise <br />made available and a sufficient unencumbered balance thereof remains available for <br />encumbering and subsequent payment of this contract under: Contract Encumbrance <br />No. C150115, Fund Number 424, Appropriation Code MC3, Organization YVYY, GBL <br />R115, Program WTRC, Object Code 5881, Reporting Category 0115. <br /> <br />2. Required approval, clearance, and coordination have been accomplished from and with <br />appropriate agencies. <br /> <br />3. The PROJECT Summary, attached as Appendix 1 and incorporated herein, contains <br />BORROWER Information (Section 1), the PROJECT Description (Section 2), CWCB's <br />authority for making this loan (Section 3), and CWCB Approval and Legislative <br />Authorization which defines the amount of the loan and the terms of repayment <br />(Section 4). <br /> <br />4. The CWCB now desires, by this contract, to loan money to the BORROWER for this <br />PROJECT upon mutually agreeable terms and conditions. <br /> <br />THEREFORE, in consideration of the mutual and dependent covenants contained <br />herein, the parties agree as follows: <br /> <br />A. lOAN PROVISIONS <br /> <br />1. Promissory Note Provisions. The CWCB agrees to loan to the BORROWER an <br />amount not to exceed the LOAN AMOUNT and the BORROWER agrees to repay the loan in <br />accordance with the terms as set forth in the Promissory Note, in the form attached <br />hereto as Appendix 2 and incorporated herein. The initial Promissory Note shall <br />identify the LOAN AMOUNT. If the amount of loan funds disbursed by the CWCB to the <br />BORROWER differs from the LOAN AMOUNT, the parties agree to amend this contract to <br />revise the LOAN AMOUNT. <br /> <br />2. Interest Prior to PROJECT Completion. As the loan funds are disbursed by the CWCB <br />to the BORROWER, interest shall accrue at the rate set by the CWCB for this loan. The <br />CWCB shall calculate the amount of the interest that accrued prior to substantial <br />completion of the PROJECT and notify BORROWER of such amount. The BORROWER shall <br />repay that amount to the CWCB either within ten (10) days from the date of notification <br /> <br /> <br />Page 1 of 9 <br />
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