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<br />PROJECT SUMMARY-LAKE ARROWHEAD WATER ASSN-CONTRACT No. C150113 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: Lake Arrowhead Water Association <br />Address: 5766 Arrowhead Drive, Greeley, CO 80634 <br />Federal Identification No.: 84-1269486 <br />Contact: Dwight Giles <br />Phone Number: 970-330-2845 Fax Number: 970-330-2846 <br />Type of Entity: A Colorado nonprofit corporation <br /> <br />SECTION 2 - PROJECT DESCRIPTION <br /> <br />Description of PROJECT: The BORROWER operates the Lake Arrowhead Reservoir, with a <br />capacity of 200 ac-ft, for storage of irrigation water supplied to property owners who live in <br />the Lake Arrowhead subdivision, located in Weld County. The reservoir is located two miles <br />southwest of Greeley on Ashcroft Draw, a tributary to the South Platte River. On August 10, <br />2002 a large sinkhole developed on the downstream slope of the dam, over the outlet pipe. <br />The sinkhole, about 15 feet in diameter and 20 feet deep, was caused by a failure of the 24- <br />inch corrugated metal outlet conduit. The reservoir is being drained for repairs and work <br />needs to be completed by spring 2003 to allow storage for the 2003 irrigation season. The <br />BORROWER applied to the CWCB for a loan to be used for the rehabilitation of the <br />Lake Arrowhead Reservoir dam, hereinafter referred to as the PROJECT, at an <br />estimated total cost of $400,000. <br /> <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the <br />PROJECT compiled by Jim Guthiere, P.E., entitled "Feasibility of Rehabilitation of the Lake <br />Arrowhead Dam" dated September 2002, which is incorporated herein by reference, and, <br />based upon the feasibility report, the CWCB determined the PROJECT to be technically and <br />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 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 September 2002, meeting, the CWCB approved a loan to the BORROWER in an <br />amount up to $300,000, not to exceed 75% of the cost of the PROJECT, at an interest <br />rate of 4.25% per annum for a repayment term of 30 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />No existing debt. <br /> <br />Appendix 1 to Loan Contract C150113 <br />