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<br />AGENCY NAME: Water Conservation Board
<br />AGENCY NUMBER: PDA
<br />ROUTING NUMBER:
<br />
<br />$ 308,000
<br />
<br />LOAN CONTRACT
<br />
<br />THIS CONTRACT, made this I () day of (J{f'lm&L, 1998, by and
<br />between the State of Colorado for the use and benefit of the Department of Natural Resources,
<br />Colorado Water Conservation Board (CWCB), hereinafter referred to as the STATE, and the
<br />Greeley and Loveland Irrigation Company, hereinafter referred to as the BORROWER and/or
<br />CONTRACTOR.
<br />
<br />FACTUAL RECITALS
<br />
<br />1, Authority exists in the law, and funds have been budgeted, appropriated and otherwise made
<br />available and a sufficient unencumbered balance thereof remains available for payment in Fund
<br />Number 424, Organization YYYY, Appropriation L98, GBL GLlC, Program WTRC, Object Code
<br />5120, Reporting Category: 3835, Contract Encumbrance Number C153835A
<br />
<br />2. Required approval, clearance, and coordination have been accomplished from and with
<br />appropriate agencies,
<br />
<br />3, Pursuant to the provisions of SS 37-60-119 and 37-60-120, C,R.S. (1997) the STATE is authorized
<br />to loan money for the construction of water projects for the benefit of the people of the STATE,
<br />provided that the borrower assures repayment of that money,
<br />
<br />4, The BORROWER is a duly constituted Colorado ditch and reservoir company formed pursuant to SS
<br />7-42-101 et sea, and 7-40-101 et sea., C,R.S., located in Larimer County, State of Colorado,
<br />
<br />5, The BORROWER has applied to the STATE for a loan to be used for rehabilitation of the dam and
<br />outlet works of the BORROWER'S Equalizer Reservoir, hereinafter referred to as PROJECT, at a cost
<br />of $426,000,
<br />
<br />6, The STATE has reviewed a feasibility report compiled by ECI, which is incorporated herein by
<br />reference, and was financed in part by CWCB (Loan Contract No, C153788, dated December 8,
<br />1997), and, based upon this feasibility report, the STATE determined the PROJECT to be technically
<br />and financially feasible,
<br />
<br />7, At its November 24-25, 1997 meeting, the CWCB approved a loan to the BORROWER in an
<br />amount up to $308,000, not to exceed 80% of the cost of the PROJECT, at an interest rate of
<br />4,21 % per annum for a duration of 30 years,
<br />
<br />8, Pursuant to House Bill 98-1189, Section 1, the Colorado General Assembly authorized CWCB to
<br />loan to the BORROWER an amount of $308,000 for the PROJECT,
<br />
<br />9, The STATE now desires, by this contract, to loan money to the BORROWER for this PROJECT upon
<br />mutually agreeable terms and conditions,
<br />
<br />Greeley & Loveland
<br />Irrigation Company
<br />
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<br />Loan CDntract
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