C150179 Contract

• Contract/PO #: C150179
• Contractor Name: Henry Bolen Ditch Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

Project Summary — Henry Bolen Ditch Co. — Contract No. C150179
SECTION 1 —BORROWER INFORMATION
Name: Henry Bolen Ditch Company
Address: P. O. Box 308, Mancos, Colorado 81328
Federal Identification No.: 35-2207000
Contact: Raymond Keith, President
Phone Number: 970-533-9168
E-mail address: [e-mail]
Type of Entity: a Colorado nonprofit corporation
SECTION 2 — PROJECT DESCRIPTION
Description of PRO�ECT: The BoRROwER applied to the CWCB for a loan to be used
for instaAation of pipeline in the existing Henry Bolen Ditch corridor, located in
Montezuma County, hereinafter referred to as the PRO�ECT, at an estimated total cost
of $669,500.
Description of Feasibility Study: The CWCB has reviewed a feasibility study report on
the PRO.IECT entitled "The Henry Bolen Ditch Pipeline Project," dated May 2004, which
is incorporated herein by reference, and, based upon the feasibiliiy report, the CWCB
determined the PRO�ECT 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 foans 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 July 2004 meeting, the CWCB approved a Small Project Loan from the Construction
Severance Tax Trust Fund Perpetual Base Account to the BoRROwER in an amount up to
$515,000 for PRO�ECr costs plus $5,150 for the 1% loan service charge for a total loan
amount of $520,150, with repayment terms of 2.50% per annum for 30 years.
SECTION 5— SCHEDULE OF EXISTING DEBT
No existing 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, sha11 be an undivided one
hundred percent interest in any rights that the BORRQWER hOIdS in thG' PROJECT
consisting of approximatefy 13,000 feet of pipeline and the associated access
easement rights as more particularly described in the attached Deed of Trust
("Collateral").
SECTION 7— ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS
The CWCB approved the loan with the following conditions:
Appendix 1 to Loan Contract C150179