Laserfiche WebLink
PROJECT SUMMARY — SOUTH SIDE DITCH COMPANY — CONTRACT NO C150129 <br />SECTION 1 —BORROWER INFORMATION <br />Name: South Side Ditch Company <br />Contact: John A. Whiteside, President <br />Address: 1612 W 1 St Street <br />Loveland CO 80537 <br />Phone Number: 970-667-2636 Fax Number: 970-593-0032 <br />Type of Entity: Colorado nonprofit corporation <br />Section 2 — Project Description <br />Description of PRO,IECT: The BoRROwER operates the South Side Ditch in Larimer County <br />for delivery of irrigation water within a 400-acre service area. The ditch is 11 miles long and <br />its headgate is located on the Big Thompson River four miles west of Loveland. The <br />BoRROwER applied for a loan in the amount of $72,000 to finance up to 90% of the cost of <br />rehabilitation of a num6er of hydraulic structures, and lining portions of the ditch (PRO�ECT) at <br />a total estimated total cost of $80,000. <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on <br />the PRO�ECr that is incorporated herein by reference, and, based upon the feasibility <br />report, the CWCB determined the PRO�ECT to be technically and financially feasible. <br />SECTION 3 — CWCB'S AUTHORITY <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 CV1/CB 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 />Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$1,000,000 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 January 2003 meeting, the CWCB approved a Small Project Loan to the <br />BORROwER in an amount up to $72 ,000 at an interest rate of 3.1 % per annum for a <br />repayment term of 30 years or at an interest rate of 2.9% for a repayment term of 20 <br />years, at the borrower's option, with a loan origination fee of 1%($720) in accordance <br />with CWCB Policy No. 16 for a total loan amount of $72,720. The interest rate for this <br />loan. is a blended rate based on 74% agricultural ownership of the shares (2.75%) and <br />26% municipal (average income) ownership (4.25%). <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />SECTION 6 — COLLATERAL <br />The colfateral provided for this loan, as evidenced by the executed Deed of Trust, <br />attached as Appendix 5 and incorporated herein, shall be an undivided one hundred <br />Appendix 1 to Loan Contract C150129 <br />