C150253 Contract

• Contract/PO #: C150253
• Contractor Name: Lower Latham Reservoir Company
• Contract Type: Loan
• Water District: 64
• County: Weld
• Loan Projects - Doc Type: Contract Documents

Project Summary - Lower Latham Reservoir Company - Contract No.
C150253

SECTION 1 -BORROWER INFORMATION
Name: Lower Latham Reservoir Company
Address: P.O. Box 398, Kersey, Colorado 80644
Federal Identification No.: 84-0412320
Contact: Doug Seely
Phone Number: [phone] Fax Number: [phone]
E-mail address:[e-mail]
Type of Entity: a Colorado nonprofit corporation

Section 2 - Project Description
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be
used to acquire 6 shares of Lower Latham Ditch Company for the purpose of
providing augmentation water and to install a flow measuring and monitoring
system, located in Weld County, hereinafter referred to as the PROJECT, at an
estimated total cost of $1,994,596.

B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
on the PROJECT entitled "Feasibility Study," dated May 2007, compiled by Douglas
Seely, P.C., which is incorporated herein by reference, and, based upon the
feasibility report, the CWCB determined the PROJECT to be technically and
financially feasible.
SECTION 3 - CWCB's AUTHORITY

Severance Tax Trust Fund Perpetual Base Account: This loan is made pursuant to
the provisions of 99 39-29-109(1 )(a)(I), 37-60-119 and 37-60-120, C.R.S., which
authorize the CWCB to loan money for water projects from the CWCB Severance Tax
Trust Fund Perpetual Base Account 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
$10,000,000 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 July 2007 meeting, the CWCB approved a loan from the Severance Tax Trust Fund
Perpetual Base Account to the BORROWER in an amount up to $1,994,596 for PROJECT
costs, not to exceed 90% of the cost of the PROJECT, with a loan origination fee of 1 % in
accordance with CWCB Policy No. 16, at an interest rate of 2.25% per annum for a
repayment term of 30 years.

SECTION 5 - SCHEDULE OF EXISTING DEBT

LLRC obtained a loan from the New Frontier Bank in Greeley in March 2007 for the purchase
of the Rothe Farm land & water rights in the amount of $2,152,243. The maturity date for this

Appendix 1 to Loan Contract C150253
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