C150059 Contract

• Contract/PO #: C150059
• Contractor Name: Kenosha Trout Club
• Contract Type: Loan
• Water District: 23
• County: Park
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY - KENOSHA TROUT CLUB -CONTRACT NO. C150059
SECTION 1 -BORROWER INFORMATION
Name:
Contact:
Address:
Phone Number:
Email:
Type of Entity:
Kenosha Trout Club
Dave Echter
9180 W. 52"d Avenue
Arvada, CO 80002
303-424-7979 Fax Number: 303-420-2770
[e-mail]
Colorado nonprofit corporation
Section 2 -Project Description
Description of PROJECT: The BORROWER is located near Kenosha Pass in Park County, and
operates and manages the community property including all water rights, lakes and roads.
The BORROWER applied for a loan in the amount of $551,250 to purchase senior water rights
that are suitable for augmentation and to make certain improvements to the Lininger Lake Dam
(PROJECT) at a total estimated total cost of $800,000. The BORROWER has entered into two
agreements for purchase and sale of water rights pursuant to which it will pay the balance of
the purchase price, and receive delivery of deeds, for the water rights at final closing.
Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the
PROJECT by Leonard Rice Consulting Water Engineers, entitled Feasibility Study for Dam
Modiircation and Augmentation Water Purchase, dated March 2001, 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 §§ 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 4 -BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED
A. At its January 2001 meeting, the CWCB approved a loan to the BORROWER in an amount up
to $551,250 at an interest rate of 5.5% per annum for a repayment term of 30 years for
financing up to 75% of Project costs.
B. Pursuant to SB01-157, Section 2(c), the Colorado General Assembly authorized
CWCB to loan to the BORROWER an amount up to $551,250,000 for the PROJECT.
SECTION 5 -SCHEDULE OF EXISTING DEBT
No existing debt.
SECTION 6 -COLLATERAL
The collateral for this loan shall be an undivided 100% interest in the water rights purchased
with proceeds from this loan and will be evidenced by the Deed of Trust, in the form attached
as Appendix 5, and incorporated herein. The BORROWER shall execute the deed of trust at
the closing of the purchase, as defined in BORROWER'S purchase and sale agreements,
promptly record said instruments, and return the original recorded deed of trust to the CWCB.
Appendix 1 to Loan Contract C150059