C150124 Contract

• Contract/PO #: C150124
• Contractor Name: Shultz Farm, Inc.
• Contract Type: Loan
• Water District: 0
• County: Weld
• Bill Number: MC3
• Loan Projects - Doc Type: Contract Documents

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PROJECT SUMMARY - SHULTZ FARM, INC. - CONTRACT No. C150124

SECTION 1 -BORROWER INFORMATION
Name: Shultz Farm, Inc.
Address: 21475 Weld County Road 19
Milliken, CO 80543
Contact: Steven Shultz, President
Phone Number: 970-679-8841 Fax Number: 970-587-2749
Email [e-mail]
Type of Entity: Colorado corporation.
SECTION 2 - PROJECT DESCRIPTION
Description of PROJECT: The BORROWER owns the Hill Lake that is used for storage of
irrigation water. The lake is located in Weld County and is filled through a ditch off the
St. Vrain River. This natural lake has a storage decree for 134 acre-feet but has become
silted in so the existing capacity is about 65 acre-feet. The BORROWER wants to excavate
the lake to a final capacity of 250 acre-feet to provide water for its farming/ranching
operation during drought periods at a total cost of approximately $450,000 (PROJECT).
Description of Feasibility Study: The eWCB assisted the BORROWER in the preparation of
a feasibility study report entitled Feasibility of Rehabilitation of the Hill Lake dated
November 2002 which is incorporated herein by reference, and has reviewed said report.
Based upon the report, the eWCB determined the PROJECT to be technically and
financially feasible.
SECTION 3 - CWCB's AUTHORITY
Small Proiect Loan: This loan is made pursuant to the provisions of SS 37-60-119 and
37-60-120, C.R.S., which authorizes the eWCB 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
$1,000,000 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

At its November 2002, meeting, the eWCB approved a loan to the BORROWER in an
amount up to $400,000, not to exceed 90% of the cost of the PROJECT, at an interest rate
of 2.75% per annum for a repayment term of 30 years.

SECTION 5 - COLLATERAL

The collateral for this loan, as evidenced by the executed Deed of Trust, attached as
Appendix 5 and incorporated herein, shall be an undivided 100% interest in 152 acres of
irrigated farmland located in the SE ~ of Section 16, Township 4 North, Range 67 West,
Weld County, Colorado, as more particularly described in the attached Deed of Trust
("Collateral"). The deed of trust shall identify the LOAN AMOUNT. If the amount of loan funds

Appendix 1 to Loan Contract C150124

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