Laserfiche WebLink
<br />PROJECT SUMMARY - PINE RIVER-BAYFIELD DITCH CO. - CONTRACT No. C150154 <br />SECTION 1 -BORROWER INFORMATION <br />Name: The Pine River-Bayfield Ditch Company <br />FederallD Number: 84-0483300 <br /> <br />Contact: <br />Address: <br /> <br />Ken Beck or Janet Enge <br />P. O. Box 3345 <br />Bayfield, CO 81302 <br />970-259-8471 Fax Number: 970-259-0911 <br /> <br />Phone Number: <br /> <br />email address:engejl@netscape.net <br /> <br />Type of Entity: Colorado nonprofit corporation <br /> <br />SECTION 2 - PROJECT DESCRIPTION <br /> <br />Description of PROJECT: The BORROWER operates the Pine River Bayfield Ditch, a 10.5 <br />mile carrier ditch with approximately 70 headgates for delivery of Pine River water rights <br />and water shares of the Pine River Irrigation District to a 2,596-acre service area in La <br />Plata County. The BORROWER applied for a loan in the amount of $200,000 to replace <br />the 2300-foot long Beaver Creek siphon (PROJECT) at a total estimated total cost of <br />$267,000. <br /> <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the <br />PROJECT submitted by the Borrower entitled Feasibility for Replacement of the Pine River- <br />Bayfield Ditch Company Beaver Creek Siphon, dated June 2003, which is incorporated <br />herein by reference, and, based upon the feasibility report, the CWCB determined the <br />PROJECT to be technically and financially feasible. <br /> <br />SECTION 3 - CWCB's AUTHORITY <br /> <br />Small Proiect Loan: This loan is made pursuant to the provisions of Sections 37-60-119 <br />and 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 $5,000,000 <br />from the CWCB's Construction Fund and the State Severance Tax Trust Fund Perpetual <br />Base Account Fund without prior approval from the General Assembly <br /> <br />SECTION 4 - BOARD APPROVAL <br /> <br />At its May 2003 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $200,000 for PROJECT costs, <br />with terms of 2.75% per annum for a repayment term of 30 years, plus a 1 % loan <br />service charge in the amount of $2,000 for a total loan amount of $202,000 <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />No existing debt. <br /> <br />SECTION 6 - COLLATERAL <br /> <br />a. The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br /> <br />Appendix 1 to Loan Contract C150154 <br />