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<br />PROJECT SUMMARY - UNION DITCH - CONTRACT No. C150172 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: The Union Ditch Company <br />Address: P.O. Box 445, Greeley, Colorado 80632 <br />Federal Identification No.: 84-0340420 <br />Contact: Gary Alles, President <br />Phone Number: 970-353-6121 Fax Number: 970-353-7504 <br />E-mail address:southard@inf02000.net <br />Type of Entity: a Colorado nonprofit corporation <br /> <br />Section 2 - Project Description <br />A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br />used for the construction of a recharge project consisting of three recharge ponds, <br />flow measurement structures, headgate structures and monitoring and reporting <br />rneasurement equipment, located Weld County, hereinafter referred to as the <br />PROJECT, at an estimated total cost of $344,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility of the Union Ditch Company Recharge Project," <br />dated March 2004, compiled by Aqua Engineering, Inc., which is incorporated <br />herein by reference, and, based upon the feasibility report, the CWCB determined <br />the PROJECT to be technically and financially feasible. <br />SECTION 3 - CWCB's AUTHORITY <br />Small Proiect Loan: This loan is made pursuant to the provisions of ~~ 37-60-119 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 <br /> <br />At its March 2004 meeting, the CWCB approved a Small Project Loan from the Severance <br />Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up to $312,595 <br />($309,500 for PROJECT costs plus $3,095 for the 1% loan service charge) with repayment <br />terms of 2.50% per annum for 30 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />The BORROWER has no outstanding debt <br /> <br />SECTION 6 - COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, in <br /> <br />Appendix 1 to Loan Contract C150172 <br />Page 1 of 3 <br />