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C150236 Contract
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C150236 Contract
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Last modified
7/25/2013 10:25:07 AM
Creation date
9/29/2008 12:54:28 PM
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Loan Projects
Contract/PO #
C150236
Contractor Name
Lazy O Ranch Homeowners' Association
Contract Type
Loan
Water District
38
County
Pitkin
Loan Projects - Doc Type
Contract Documents
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<br />Project Summary - Lazy 0 Ranch Homeowners' Association - <br />Contract No. C150236 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: Lazy 0 Ranch Homeowners' Association <br />Address: 1907 Snowmass Creek Road, Snowmass, CO 81654 <br />Federal Identification No.: 36-3631275 <br />Contact: Tony Clinco <br />Phone Number: 970-948-9039 <br />E-mail address:lazyohoa@aol.com <br />Type of Entity: a Colorado nonprofit corporation <br /> <br />Section 2 - Project Description <br />A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br />used for the construction of a secondary water system, located in Pitkin County, <br />hereinafter referred to as the PROJECT, at an estimated total cost of $167,500. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility Study," dated September 2006, compiled by <br />Sopris Engineering, which is incorporated herein by reference, and, based upon the <br />feasibility report, the CWCB determined the PROJECT to be technically and <br />financially feasible. <br />SECTION 3 - CWCB's AUTHORITY <br /> <br />Construction Fund: This loan is made pursuant to the provisions of 9937-60-119 and <br />37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from <br />the CWCB Construction Fund for the benefit of the people of the state, provided that <br />the borrower assures repayment of that money. <br /> <br />Section 37-60-122(1)(b) C.R.S., 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 Assembly <br /> <br />SECTION 4 . BOARD ApPROVAL <br /> <br />At its November 2006 meeting, the CWCS approved a loan from the Construction Fund to <br />the BORROWER in an amount up to $152,258 for PROJECT costs, not to exceed 90% of the <br />cost of the PROJECT, with a loan origination fee of 1 % in accordance with CWCB Policy No. <br />16, at an interest rate of 4.25% per annum for a repayment term of 30 years. <br /> <br />SECTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />Community Bank of Basalt, Colorado. $150,000 line of credit. The collateral for the <br />Community Bank line of credit is not the same as the collateral for the CWCB loan, so <br />there is no parity requirement. <br /> <br />SECTION 6 . COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, in <br /> <br />Appendix 1 to Loan Contract C150236 <br />Page 1 of 4 <br />
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