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<br />Project Summary - Abbott Ranch - Contract No. C150220 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: Jane Abbott <br />Address: 35512 Comanche Creek Road, Kiowa, CO 80117 <br />Social Security No.: 506-36-0265 <br />Contact: Cevey Pennington, Ranch Manager <br />Phone Number: (303) 621-0008 Fax Number: (303) 621-2737 <br />E-mail address:ceveycole@aol.com <br />Type of Entity: a Colorado individual <br /> <br />Section 2 - Project Description <br />A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br />used for the replacement of an existing irrigation well for Abbott Ranch, located in <br />Elbert County, hereinafter referred to as the PROJECT, at an estimated total cost of <br />$54,388. <br /> <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility Study, Abbott Ranch, Kiowa, Colorado" dated <br />February 2006, compiled by Hamacher Well Works, Inc., and Canfield Drilling Co., <br />which is incorporated herein by reference, and, based upon the feasibility report, the <br />CWCB determined the PROJECT to be technically and financially feasible. <br />SECTION 3 - CWCB's AUTHORITY <br /> <br />Severance Tax Trust Fund Perpetual Base Account: This loan is made pursuant to <br />the provisions of 99 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which <br />authorize the CWCB to loan money for water projects from the CWCB Severance Tax <br />Trust Fund Perpetual Base Account for the benefit of the people of the state, provided <br />that the borrower assures repayment of that money. <br /> <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 /> <br />SECTION 4 - BOARD ApPROVAL <br /> <br />At its March 21, 2006 meeting, the CWCB approved a loan from the CWCB Severance <br />Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up to $49,440 for <br />PROJECT costs, not to exceed 90% of the cost of the PROJECT, with a loan origination fee of <br />1 % in accordance with CWCB Policy No. 16, at an interest rate of 2.0% per annum for a <br />repayment term of 10 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />Wells Fargo Bank, N.A., automobile loan; remaining amount $10,019; annual payment <br />$3,744; maturity date January 2009. <br /> <br />Appendix 1 to Loan Contract C,150220 <br />Page 1 of 3 <br />