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<br />Project Summary - Logan Irrigation District - Contract No. C150229 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: Logan Irrigation District <br />Address: P.O. Box 333 <br />Federal Identification No.: 84-0815083 <br />Contact: James Yahn, Secretary/Manager <br />Phone Number: (970) 522-2025 Fax Number: (970) 522-2025 <br />E-mail address: nsidyahn@kcLnet <br />Type of Entity: The Logan Irrigation District is an irrigation district <br />formed pursuant to and governed by Article 41, Title <br />37, C.RS. and located in Logan County. <br />Section 2 - Project Description <br />A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to <br />construct an emergency spillway for Prewitt Reservoir, located in Logan and <br />Washington Counties, hereinafter referred to as the PROJECT, at an estimated <br />total cost of $555,635. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study <br />report on the PROJECT compiled by Jim Ferentchak, P.E., 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 /> <br />Severance Tax Trust Eund Peroetual Base Account: This loan is made pursuant to <br />the provisions of SS 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.RS., 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 /> <br />Section 37-60-122(1)(b) C.RS., 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 <br />Assembly <br /> <br />SECTION 4 - BOARD ApPROVAL <br /> <br />At its May 16, 2006 and September 19, 2006 meetings, the CWCB approved a loan from <br />the CWCB Severance Tax Trust Fund Perpetual Base Account to the BORROWER in an <br />amount up to $505,000 for PROJECT costs, not to exceed 90% of the cost of the PROJECT, <br />with a loan origination fee of 1 % in accordance with CWCB Policy No. 16, at an interest <br />rate of 2.35% per annum for a repayment term of 20 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />No existing debt. <br /> <br />SECTION 6 - ADDITIONAL CONDITIONS & CONTRACT REQUIREMENTS <br /> <br />Appendix 1 to Loan Contract C150229 <br />Page 1 of 3 <br />