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<br />PROJECT SUMMARY - LAKE MEREDITH RESERVOIR COMPANY - CONTRACT C150137 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: The Lake Meredith Reservoir Company <br />Contact: Philip Saletta, President <br />Address: P. O. Box 8 <br />Ordway, CO 81063 <br />Phone Number: 719-267-4411 Fax Number: 719-267-4074 <br />Type of Entity: Colorado nonprofit corporation <br /> <br />Section 2 - Project Description <br /> <br />Description of PROJECT: The BORROWER operates Lake Meredith for storage of water <br />that is used for agricultural, municipal, domestic and other beneficial uses. The <br />BORROWER applied for a $1,000,000 loan to finance the cost to replace the existing <br />channel which has filled with sediment with a new channel that can access the entire <br />reservoir storage and that is designed to avoid future sedimentation problems, and <br />allow the BORROWER to access an additional 18,000 acre-feet of storage in Lake <br />Meredith (PROJECT) at a total estimated total cost of $1,524,860. <br /> <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on <br />the PROJECT by Steffens and Associates, Inc. entitled Feasibility of Reconstruction of <br />the Lake Meredith Outlet Channel, dated March 2003, which is incorporated herein by <br />reference, and, based upon the feasibility report, the CWCS determined the PROJECT. <br />to be technically 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 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 /> <br />SECTION 4 - BOARD APPR~VAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br /> <br />A. At its March 2003 meeting, the CWCB approved a Small Project Loan to the <br />BORROWER in an amount up to $1,000,000 at an interest rate of 4.00% per annum <br />fora repayment term of 30 years with a loan service fee of 1 % in accordance with <br />CWCB Policy No. 16. The interest rate for this loan is a blended rate based on <br />agricultural (2.75%) ownership of 4,620 shares, municipal high income (4.75%) <br />ownership of 230 shares, municipal middle income. (4.25%) ownership of 35,048 <br />shares and municipal low income (3.75%) ownership of 724 share (3.75%). <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />No existing debt. <br /> <br />Appendix 1 to Loan Contract C150137 <br />