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<br />Project Summary -Greeley & Loveland Irrigation Co.- Contract No. C150161 <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: The Greeley and Loveland Irrigation Company <br />Address: 808 23rd Avenue, Greeley, CO 80631 <br /> <br />Federal Identification No.: 84-0217090 <br /> <br />Contact: Ron Brinkman, General Manager & Secy/Treas. <br />Phone Number: 970-352-0495 Fax Number: 970-352-2457 <br /> <br />TYPE OF ENTITY: Colorado nonprofit corporation <br /> <br />Section 2 - Project Description <br /> <br />Description of PROJECT: The BORROWER and its sister company Seven Lakes <br />Irrigation Company own and operate a system of reservoirs and canals in the <br />Loveland and Greeley area. The BORROWER applied to the CWCB for a $2,844,000 <br />loan for construction of a new spillway for Boyd Lake, located in Larimer County. The <br />spillway construction includes a combination labyrinth spillway with a width of about <br />1,100 feet and an effective weir length of 5,720 feet; replacing 1,000 feet of canal <br />lining downstream of the spillway and constructing a 350-foot long floodwall, <br />hereinafter referred to as the PROJECT, at an estimated total cost of $3,160,000. <br /> <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on <br />the PROJECT compiled Edwin Toms, P.E., of Boyle Engineering Corporation, entitled <br />"Feasibility Study for Boyd Lake Dam Spillway in Larimer County Colorado," dated <br />October 2003, which is incorporated herein by reference, and, based upon the <br />feasibility report, the CWCB determined the PROJECT to be technically and financially <br />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 and <br />37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects for the <br />benefit of the people of the State, provided that the borrower assures repayment of that <br />money. <br /> <br />Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$5,000,000 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 AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br /> <br />At its November 2003 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER a total loan amount of up to $2,844,000 ($2,815,842 <br />for PROJECT costs plus $28,158 for the 1 % loan service charge), with repayment terms of <br />3.0% per annum for 30 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />BORROWER has two outstanding CWCB loans: (1) C153788 dated December 1997 with <br /> <br />Appendix 1 to Loan Contract C150161 <br />Page 1 of 4 <br />