C150205 Contract

• Contract/PO #: C150205
• Contractor Name: Veits Pipeline Company
• Contract Type: Loan
• Water District: 34
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

Project Summary — Number Six Ditch Co. — Contract No. C150205
SECTION 1 —BORROWER INFORMATION
Name: Number Six Ditch Company
Address: P. O. Box 312, Mancos, Colorado 81328
Federal Identification No.: 20-0870515
Contact: Jack Burk, President
Phone Number: 970-739-3762
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 installation of pipeline in the existing Number Six Ditch co�ridor, located in
Montezuma County, hereinafter referred to as the PRO�ECT, at an estimated total cost
of $688,942.
Description of Feasibility Study: The CWCB has reviewed a feasibility study report on
the PRO�ECT entitled "The Number Six Ditch Pipeline Project," dated December 14,
2004, which is incorporated herein by reference, and, based upon the feasibility report,
the CWCB determined the PRO�ECr 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 loans 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 2005 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
$682,121 for PRO�ECT costs plus $6,821 for the 1°/a loan service charge for a total loan
amount of $688,942, with repayment terms of 2.50% per annum for 30 years.
SECTION S— 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, shall be an undivided one hundred
percent interest in any rights that the BORROWER holds in th2 PROJECT COC1SIStltlg of
approximately 22,000 feet of pipeline and the associated access easement rights as more
particularly described in the attached Deed of Trust ("Collateral").
SECTION 7— ADDITIONAL CONDITIONS S� CONTRACT REQUIREMENTS
The CWCB approved the loan with the following conditions:
1. The BORROWER shall provide a copy to the CWCB of the executed USDA
Appendix 1 to Loan Contract C150205
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