C150159 Contract - Laserfiche WebLink

Home Browse Search

Project Summary Orphan Wells of Wiggins — Contract No. C150159 SECTION 1 - BORROWER INFORMATION Name: Orphan Wells of Wiggins, L.L.C. Address: 18874 County Road 4, Wiggins, CO 80654 Federal Identification No.: 20- 0235438 Contact: Steve Bruntz, President Phone Number: 970 - 483 -7838 Fax Number: 970 -483 -6304 E -mail address: wigginswap @aol.com Type of Entity: Colorado limited liability company Section 2 — Project Description Description of PROJECT: The BORROWER is a company comprised of 31 separate agricultural operators that own 45 wells and irrigate 4,500 acres. The BORROWER applied to the CWCB for a loan to be used for the construction of a well augmentation and groundwater recharge project consisting of one recharge well, one augmentation well, a pipeline and 23 recharge ponds, located in Morgan County, hereinafter referred to as the PROJECT, at an estimated total cost of $1,037,700. Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the PROJECT sponsored by the BORROWER, entitles "Feasibility of Construction of the Orphan Wells of Wiggins Augmentation Project," dated October 2003 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'S AUTHORITY Small Proiect Loan: This loan is made pursuant to the provisions of §§ 37 -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 November 2003 meeting, the CWCB approved a Small Project Loan from the Construction Fund to the BORROWER in an amount up to $1,037,700 for PROJECT costs plus $10,377 for the 1% loan service charge for a total loan amount of $1,048,077, with repayment terms of 2.50% per annum for 30 years. SECTION 5 - SCHEDULE OF EXISTING DEBT No existing debt Appendix 1 to Loan Contract C150159