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<br />PROJECT SUMMARY - STIES BROS. - CONTRACT No. C150136 <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: Stieb Bros., Inc. <br />Address: 19679 Co. Rd. 55 <br />Iliff, CO 80736 <br />Contact: Leo Stieb <br />Phone Number: 970-522-8084 Fax Number: 970-522-3889 <br />Email: CLStieb@sterlingComputer.net <br />Type of Entity: Colorado corporation <br /> <br />SECTION 2 - PROJECT DESCRIPTION <br /> <br />Description of PROJECT: The BORROWER owns approximately 723 acres of land, <br />located in Logan County, sprinkler irrigated with water from five tributary <br />groundwater wells. At the March 2003 CWCB meeting, the BORROWER applied for a <br />loan in the amount of $151,500 to finance the cost of construction a water recharge <br />project consisting of two wells and recharge ponds. The wells, drilled near the South <br />Platte River, would pump a combined rate of up to 13.4 cfs producing up to 6000 <br />acre-feet annually to the recharge ponds through 18" underground piping <br />("PROJECT") at a total cost of approximately $202,000. <br /> <br />Description of Feasibility Study: The CWCB assisted in the preparation of a <br />.r feasibility study report prepared by the Borrower in conjunction with the Colorado <br />Water Conservation Board entitled Feasibility of Construction of the Stieb Brothers <br />Recharge Project dated February 2003, incorporated herein by reference, and has <br />reviewed said report. Based upon the report, the CWCB determined the PROJECT to <br />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 9937-60-119 <br />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 <br />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 />. $1,000,000 from the CWCB's Construction Fund and the State Severance Tax <br />Trust Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly <br /> <br />SECTION 4 . BOARD APPROVAL <br /> <br />At its March 2003, meeting, the CWCB approved a loan to the BORROWER in an <br />. amount up to $151,500 for Project costs, with terms of 2.50% per annum for a <br />repayment term of 20 years plus a 1 % loan service charge in the amount of $1,515 <br />for a total loan amount of $153,015. <br /> <br />SECTION 5 - COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />attached as Appendix 4 and incorporated herein, shall be an undivided one <br /> <br />Appendix 1 to Loan Contract C150136 <br />