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Project Summary -The Loveland Lake and Ditch Company -Contract <br />No. C150263 <br />SECTION 1 -BORROWER INFORMATION <br />Name: The Loveland Lake and Ditch Company <br />Address: P.O. Box 693, Berthoud, CO 80513 <br />Contact: Norman (Greg) Carter, President <br />Phone Number: 970-567-3421 <br />E-mail address: greg.carter@homemail.com <br />Type of Entity: a Colorado nonprofit corporation <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 the Loveland Reservoir inlet improvement project, <br />located in Larimer County, hereinafter referred to as the PROJECT, at an estimated <br />total cost of $135,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility Study," dated February 2008, compiled in <br />conjunction with Loonan and Associates, which is incorporated herein by reference, <br />and, based upon the feasibility report, the CWCB determined the PROJECT to be <br />technically and financially feasible. <br />SECTION 3 - CWCB'S AUTHORITY <br />Severance Tax Trust Fund Perpetual Base Account: This loan is made pursuant to <br />-the provisions of §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., 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 />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 March 2008 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $105,000 for PROJECT costs, not to <br />exceed 90% of the cost of the PROJECT, with a loan origination fee of 1 % in accordance with <br />CWCB Policy No. 16, at an interest rate of 2.20% per annum for a repayment term of 20 <br />years. <br />SECTION 5 -SCHEDULE OF EXISTING DEBT <br />Bridge loan with Home State Bank, dated 1/23/2008, in an amount of $50,250, terminating <br />8/5/2008 and with an interest rate of 7.5% per annum. <br />Appendix 1 to Loan Contract C150263 <br />Page 1 of 4 <br />