C150168 Contract

• Contract/PO #: C150168
• Contractor Name: Fulton Irrigation Ditch Company
• Contract Type: Loan
• Water District: 1
• County: Adams
• Bill Number: SPL
• Loan Projects - Doc Type: Contract Documents

Project Summary - Fulton Irrigating Ditch Co. - Contract No. C150168

SECTION 1 -BORROWER INFORMATION

Name: The Fulton Irrigating Ditch Company

Address: 25 South 4th Avenue, Brighton, CO 80601

Federal Identification No.:

Contact: Brice Steele, Secretary

Phone Number: 303-659-3171 Fax Number: 303-659-5053

E-mail address:[e-mail]

Type of Entity: a Colorado mutual ditch company nonprofit corporation
Section 2 - Project Description

A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be
used for the rehabilitation of the BORROWER'S diversion structure located on the
South Platte River at approximately 100th Avenue, located in Adams County,
hereinafter referred to as the PROJECT, at an estimated total cost of $201 ,000.

B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
on the PROJECT entitled "Fulton Irrigating and Ditch Company South Platte River
Diversion Hydraulic Cutoff," dated January 2004, prepared by Tetra Tech RMC,
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'SAUTHORITY

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 $170,000 for
PROJECT costs plus $1,700 for the 1 % loan service charge for a total loan amount of
$171,700, with repayment terms 20 years at 2.80% per annum (a blended interest rate
based on the composition of the BORROWER'S shareholders as follows: 68% agricultural,
26% municipal and 6% commercial).

SECTION 5 - SCHEDULE OF EXISTING DEBT

No existing secured debt

SECTION 6 - COLLATERAL

The collateral provided for this loan, as evidenced by the executed Deed of Trust, in
the form attached as Appendix 5 and incorporated herein, shall be an undivided one

Appendix 1 to Loan Contract C150168