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Project Summary -Town of Bennett -Contract No. C150262 <br />SECTION 1 -BORROWER INFORMATION <br />Name: Town of Bennett, acting by and through its Water Activity <br />Enterprise <br />Address: 355 4" Street, Bennett, CO 80102 <br />Federal Identification No.: <br />Contact: Matt Reay, Town Administrator <br />Phone Number: 303-644-3249 Fax Number: 303-644-4125 <br />E-mail address: townadministrator@bennett.co.us <br />Type of Entity: The Borrower is a water activity enterprise established <br />by the Town, and was formed and is operated as an <br />enterprise within the meaning of COLO. CoNST. Art. X, <br />Section 20. <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 replacement of Bennett's Well #5, located in Adams County, <br />hereinafter referred to as the PROJECT, at an estimated total cost of $280,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study <br />report on .the PROJECT compiled by Jehn Water Consultants, Inc., which is <br />incorporated herein by reference, and, based upon the feasibility report, the <br />CWCB determined the PROJECT to be technically and financially feasible. <br />SECTION 3 - CWCB'S AUTHORITY <br />Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 <br />and 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects <br />from the CWCB Construction Fund for the benefit of the people of the state, provided <br />that the borrower assures repayment of that money. <br />Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$10,000,000 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 />SECTION 4 -BOARD APPROVAL <br />At its January 2008 meeting, the CWCB approved a Construction Fund Loan from the <br />Construction Fund to the BORROWER in an amount up to $250,000 for PROJECT costs, not <br />to exceed 90% of the cost of the PROJECT, with a loan origination fee of 1 % in accordance <br />with CWCB Policy No. 16, at an interest rate of 3.50% per annum for a repayment term of <br />30 years. <br />SECTION 5 -SCHEDULE OF EXISTING DEBT <br />Borrower has two outstanding loans with the Department of Local Affairs (DOLA), the first <br />with a remaining balance of $123,480 ending in 2014 and the second with $48,412 <br />Appendix 1 to Loan Contract C150262 <br />Page 1 of 3 <br />