C150171 Contract

• Contract/PO #: C150171
• Contractor Name: Terrace Irrigation Company, The
• Contract Type: Loan
• Water District: 0
• County: Conejos
• Loan Projects - Doc Type: Contract Documents

Project Summary - Terrace Irrigation Co. - Contract No. C150171

SECTION 1 -BORROWER INFORMATION
Name: The Terrace Irrigation Company
Address: 10299 County Road DD, LaJara CO 81140
Federal Identification No.: 84-0412531
Contact: John Riddick, Secretary/Treasurer
Phone Number: 719-587-0461
E-mail address:[e-mail]
Type of Entity: a Colorado nonprofit corporation

Section 2 - Project Description
Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used
for rehabilitation of the Terrace Reservoir (including construction of a cofferdam to
allow access to the outlet works, the removal and replacement of the existing trash
rack, debris and sediment removal within the outlet pipe, the repair of the existing
double leaf 48-inch gate valve in the west outlet tunnel and general maintenance to
the downstream ring-jet valve) located in Conejos County, hereinafter referred to as
the PROJECT, at an estimated total cost of $270,000.
Description of Feasibility Study: The CWCB has reviewed a feasibility study report on
the PROJECT entitled "Feasibility Study of Terrace Reservoir Outlet Improvements,"
dated February 2004, prepared by John Allen Davey of Davis Engineering Service, Inc.,
which is incorporated herein by reference, and, based upon the feasibility report, the
CWCB determined the PROJECT to be technically and financially feasible.
SECTION 3 - CWCB's AUTHORITY

Small Proiect Loan: This loan is made pursuant to the provisions of 9937-60-119 and
37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects for the
benefit of the people of the State, provided that the borrower assures repayment of that
money.

Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to
$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approval from the General Assembly

SECTION 4 - BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED)

At its March 2004 meeting, the CWCB approved a Small Project Loan from the Severance
Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up to $243,000 for
PROJECT costs plus $2,430 for the 1 % loan service charge for a total loan amount of
$245,430, with repayment terms of 2.50% per annum for 30 years.

SECTION 5 - SCHEDULE OF EXISTING DEBT

The BORROWER has three outstanding loans with no lien against the BORROWER'S
revenues senior to the CWCB debt:

Appendix 1 to Loan Contract C150171