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Project Summary — 3T Cattle Company — Contract No. C150175 <br />SECTION 1 —BORROWER {NFORMATION <br />Name: 3T Cattle Company, Inc. <br />Address: P. O. Box 88, Fort Morgan, Colorado 80701 <br />Federal Identification No.: 84-0623184 <br />Contact: Kevin Averch <br />Phone Number: 970-380-3078 Fax Number: 970-542-2584 <br />E-mail address: raverch@kci.net <br />Type of Entity: a Colorado corporation <br />SECTION 2 — PROJECT DESCRIPTION <br />Description of PRO�ECT: The BoRROwER applied to the CWCB for a loan to be used <br />for the purchase of five shares of Weldon Va{ley Ditch Company for augmentation <br />water for its cattle feedlot, located in Morgan County, hereinafter referred to as the <br />PROJECT at an estimated total cost of $275,000. In November 2004, the total <br />PRO�ECT cost was determined to be $255,000. <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on <br />the PROJECT entitled "Feasibility of the 3T Catfle Company Augmentation Project," <br />dated April 2004, compiled by Brent Nation, P.E., which is incorporated herein by <br />reference, and, based upon the feasibility report the CWCB determined the PROJECT to <br />be technically and financially feasible. <br />SECTION 3 — CWCB'S AUTHORITY <br />Small Proiect Loan: This loan is made pursuant to the provisions of §§ 37-60-119 and <br />37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects for the <br />benefit of the people of the State, provided that the borrower assures repayment of that <br />money. <br />Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General Assembly <br />SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED� <br />At its May 2004 meeting, the CWCB approved a Small Project Loan from the Severance <br />Tax Trust Fund Perpetual Base Account to the BoRROwER in an amount up to $247,500 <br />f01" PROJECT COStS pIUS $2 ,475 for the 1% loan service charge for a total loan amount of <br />$249,975, with repayment terms of 2.50% per annum for 30 years. Based upon the actual <br />PROJECT COSt the loan will be in an amount up to $229,500 plus $2,295 for the 1% service <br />charge for a total loan amount of $231,795, at the same repayment terms described above. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />The BoRROwER has a loan from the Farm Credit Service of Greeley with a balance of <br />$337,916 and annual payment of $44,090 through 2015 on which they are current. The <br />collateral for the Farm Credit Service Loan is not the same as the collateral for the <br />CWCB loan, so there is no parity requirement. <br />Appendix 1 to Loan Contract C150175 <br />