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F <br />Project Summary <br />Carpenter and Mitchell Ditch Company, Inc. <br />Contract No. C150201 <br />SECTION 1 -BORROWER INFORMATION <br />Name: Carpenter and Mitchell Ditch Company, Inc. <br />Address: P.O. Box 308, Mancos, CO 81328 <br />Federal Identification No.: 86-1120927 <br />Contact: Eldon Simmons, President <br />Phone Number: (970) 533-7435 Fax Number: (970) 533-7435 <br />E-mail address: mixteca@fone.net <br />Type of Entity: a Colorado nonprofit corporation <br />Section 2 - Project Description <br />A. Description Of PROJECT: The BORROWER applied to the CWCB for a loan to <br />improve the ditch by installing a pipe and appurtenances to improve ditch <br />efficiency and reduce salinity impacts in the Colorado River, located in <br />Montezuma County, hereinafter referred to as the PRO~ECT, at an estimated total <br />cost of $607,200. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on th2 PROJECT, dated March 2005, compiled by Eldon Simmons, Company <br />President, which is incorporated herein by reference, and, based upon the feasibility <br />report, the CWCB determined the PRO~ECT to be technically and financially feasible. <br />SECTION S - CWCB'S AUTHORITY <br />Severance Tax Trust Fund Perpetual Base Account: This loan is made pursuant to <br />the provisions of §§ 39-29-109(1)(a)(I}, 37-60-119 and 37-60-120, C.R.S., which <br />authorize the CWCB to loan money for water projects from the CWCB Severance Tax <br />Trust Fund Perpetual Base Account for the benefit of the people of the state, provided <br />that the borrower assures repayment of that money. <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 />SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED~ <br />At its May 24, 2005 meeting, the CWCB approved a loan from the Severance Tax Trust <br />Fund Perpetual Base Account to the BoRROwER in an amount up to $607,200 f01' PROJECT <br />costs, not to exceed 100% of the cost of the PRO~ECr, with a loan origination fee of 1% in <br />accordance with CWCB Policy No. 16, at an interest rate of 2.50% per annum for a <br />repayment term of 30 years. <br />SECTION 5- SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />Appendix 1 to Loan Contract C150201 <br />Page 1 of 4 <br />