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<br />PROJECT SUMMARY: TILTON LATERAL - LOAN CONTRACT C150066 <br />. . <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: Tilton Lateral, Inc. <br /> <br />Address: 2967 D % Road <br /> <br />Grand Junction, CO 81504 <br /> <br />Phone Number: 970-241-5805 <br /> <br />Contact: David Wens, President <br /> <br />Type of Entity: Colorado non-profit corporation <br /> <br />SECTION 2 - PROJECT DESCRIPTION <br /> <br />A. Description of Project: Rehabilitation of the Tilton Lateral. <br /> <br />B. Description of Feasibility Study: The CWCB reviewed a feasibility report on the <br />PROJECT compiled by Tilton Lateral, Inc., the CWCB and Natural Resources <br />Conservation Service, which is incorporated herein by reference, and based upon <br />this feasibility report, the CWCB determined the report meets the requirements of <br />the CWCB Construction Fund Guidelines for feasibility studies. <br /> <br />SECTION 3 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br /> <br />A. At its May 21, 2001 meeting, the CWCB approved a loan to the BORROWER in an <br />amount up to $100,000, not to exceed 65% of the cost of the PROJECT, at an <br />interest rate of 3.5% per annum for a repayment term of 30 years. (Any conditions <br />imposed by the CWCB) <br /> <br />B. Section 37-60-122.7, C.R.S., authorizes the CWCB to make loans of up to <br />$100,000 from the Small Project Loan Account of the Construction Fund without <br />prior approval from the General Assembly if the CWCB determines that delay <br />would result in undue hardship on the borrower. The CWCB did make such <br />determination at said meeting. <br /> <br />SECTION 4 - COLLATERAL <br /> <br />Part of the security provided for this loan, as evidenced by the executed <br />Assignment of Certificate of Deposit attached as Appendix 5 and incorporated <br />herein, shall be an undivided one hundred percent (100%) interest in a certificate <br />of deposit account established by the BORROWER in the amount of one annual loan <br />payment ($5,437.13), hereinafter referred to as CD ACCOUNT. The CWCB shall <br />use the funds contained in the CD ACCOUNT for the purpose of paying principal <br />and interest due under this contract not otherwise paid by the BORROWER. Any <br />amount withdrawn by the CWCB for this purpose shall be replenished by the <br />BORROWER within sixty days after such withdrawal. TheCWCB shall not disburse <br />any loan funds under this contract until the BORROWER has established the CD <br />ACCOUNT. <br /> <br />Appendix 1 to Loan Contract C150066 <br />