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<br />PROJECT SUMMARY - Low LINE DITCH COMPANY - CONTRACT No. C150133 <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: The Low Line Ditch Company <br /> <br />FederallD No.: 84-0404967 <br /> <br />Contact: Steve Kaiser, Corporate Secretary <br />Address: P. O. Box 1111 <br />Sterling, Colorado 80751 <br /> <br />Phone Number: 970-522-5295 <br /> <br />Type of Entity: Colorado nonprofit corporation <br /> <br />Section 2 - Project Description <br /> <br />Description of PROJECT: The BORROWER operates the Low Line Ditch for delivery of <br />irrlgation water within a 2,070-acre service area and the headgate is located in Logan <br />County. At the January 2003 CWCB meeting, the BORROWER applied for a loan in the <br />amount of $94,500 to finance the cost of construction of four augmentation ponds and <br />drilling one augmentation well to generate augmentation credits to cover depletions for 13 <br />irrigation wells used by the BORROWER'sstockholders. At the March 2003 CWCB meeting, <br />the BORROWER applied for an additional loan amount of $65,250 to rehabilitate the <br />BORROWER'S diversion structure on the South Platte River so that water can be efficiently <br />diverted during the winter months. The total cost of the augmentation ponds, well, and <br />rehabilitation of the diversion structure (PROJECT) is approximately $177,500. <br /> <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on <br />the PROJECT prepared by the Borrower and Brent Nation, P.E., entitled "Feasibility of <br />Construction of the Low Line Ditch Company Recharge Project" dated December <br />2002, amended March 2003, which is incorporated herein by reference, and, based <br />upon the feasibility report, the CWCB determined the PROJECT to be technically and <br />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 ApPROVAL <br /> <br />At its January 2003 meeting, the CWCB approved a Small Project Loan to the <br />BORROWER in an amount up to $94,500 at an interest rate of 2.75% per annum for a <br />repayment term of 30 years or 2.5% per annum for a repayment term of 20 years, at <br />the Borrower's option and a loan origination fee of 1 % ($945) in accordance with <br />CWCB Policy No. 16 for a total loan amount of $95,445. <br /> <br />Appendix 1 to Loan Contract C150133 <br />