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PROJECT SUMMARY — BILL PORTER — CONTRACT NO C150116 <br />SECTION 1 —BORROWER INFORMATION <br />Name: <br />Address: <br />Phone & Fax Number: <br />E-mail address: <br />Type of Entity: <br />Bill Porter <br />857 County Road 314 <br />New Castle, CO 81647 <br />970-984-2845 <br />marlaporter@aol.com <br />individual <br />Section 2 — Project Description <br />A. Description of PRO�ECT: The BoRROwER owns Barton Porter Reservoir, located in <br />Garfield County, six miles west of Glenwood Springs, which is used for storage of <br />irrigation water. The reservoir is filled through ditch diversions from South <br />Canyon, Three Mile, and Garfield Creeks, tributaries to the Colorado- River. The <br />reservoir was constructed in 1958 and is a Class 3 structure with a maximum dam <br />height of 43 feet impounding a reservoir of 206 acre-feet. The BoRROwER has <br />conditional water rights to store an additional 1000 acre-feet in the reservoir. The <br />BoRROwER applied for a loan from the CWCB to enlarge the reservoir so that it will <br />store approximately 1,100 acre-feet to provide water for farming/ranching <br />operation during drought periods, hereinafter referred to as the PRO�ECr, at an <br />estimated total cost of $2,000,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PRO�ECT prepared by Golder Associates dated August 29, 2002, which is <br />incorporated herein by reference, and, based upon the feasibility report, the CWCB <br />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 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 />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 />A. At its September 2002 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 2.5% per annum for <br />a repayment term of 20 years. <br />B. 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 />SECTION 5 - COLLATERAL <br />The collateral for this loan shall be the Barton Porter Reservoir, as evidenced by <br />Appendix 1 to Loan Contract C150116 <br />