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<br />PROJECT SUMMARY - UPPER PLATTE & BEAVER CANAL - CONTRACT No. C150144 <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: Upper Platte and Beaver Canal Company <br /> <br />FederallD Number: 84-0405195 <br /> <br />Contact: Phil Mortensen, President <br /> <br />Address: P. O. Box 581 <br />Brush, CO 80723 c.. <br />Phone Number: 970-842-2016 (Phil Mortensen) or 970-842-5650 (Ed Jones) <br /> <br />Type of Entity: Mutual ditch company and Colorado nonprofit corporation <br /> <br />Section 2 - Project Description <br /> <br />Description of Project: The loan is for construction of a well augmentation project on <br />Badger Creek in Morgan County consisting of two recharge ponds at a total estimated <br />cost of $75,000. <br /> <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on <br />the PROJECT prepared by Brent Nation, P.E., and the Borrower, entitled Feasibility of <br />Reconstruction of the Upper Platte and Beaver Canal Company Badger Creek <br />Augmentation Project, dated April 2003, which is incorporated herein by reference, and, <br />based upon the feasibility report, the CWCB determined the PROJECT to be technically <br />and financially feasible. <br /> <br />SECTION 3 - CWCB's AUTHORITY <br /> <br />Small Proiect Loan: This loan is made pursuant to the provIsions of Sections <br />37-60-119 and 37-60-120, C.R.S., which authorizes the CWCB to loan money for water <br />projects for the benefit of the people of the State, provided that the borrower assures <br />repayment of that money. <br /> <br />Section 37-60-122(1)(b) C.R.S., authorizes the CWeB 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 /> <br />SECTION 4 . BOARD ApPROVAL <br /> <br />At its May 2003 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $67,500 for Project costs plus <br />a 1 % loan service charge in the amount of $675 for a total loan amount of $68,175, with <br />terms of 2.25% per annum for a repayment term of 10 years. At its July 2003 meeting, <br />the CWCB approved the use of the Borrower's diversion structure located on the South <br />Platte River as collateral instead of the water recharge project which consisted of <br />improvements on leasehold property as proposed at the May 2003 meeting. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />No existing debt. <br /> <br />Appendix 1 to Loan Contract C150144 <br />