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Project Summary -Lower Platte & Beaver Canal -Contract No. C150165 <br />SECTION 1 -BORROWER INFORMATION <br />Name: Lower Platte and Beaver Canal Company <br />Address: P. O. Box 190, Hillrose, CO 80733 <br />Federal Identification No.: 84-0254950 <br />Contact: Robert Tuck, President <br />Phone Number: 970-847-3431 Fax Number: 970-847-3278 <br />E-mail address: Parachuteranch@twol.com <br />Type of Entity: a Colorado nonprofit corporation <br />SECTION 2 -PROJECT DESCRIPTION <br />A. Description of PROJECT: The BORROWER operates its canal, which provides direct <br />flow irrigation water to a 15,000-acre service, for the benefit of its 90 shareholders. <br />The BORROWER applied to the CWCB for a loan to be used for the construction of <br />a well augmentation project, located in Morgan County, hereinafter referred to as <br />the PROJECT, at an estimated total cost of $345,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility of Construction of the Lower Platte and Beaver <br />Canal Company Augmentation Project," dated January 2004, prepared by Brent M. <br />Nation, P.E., Nation Engineering Services, which is incorporated herein by <br />reference, and, based upon the feasibility report, the CWCB determined the <br />PROJECT to be technically and financially feasible. <br />SECTION 3 - CWCB'S AUTHORITY <br />Small Proiec>* Loan: This loan is made pursuant to the provisions of §§ 37-60-119 and <br />37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects for the <br />benefit of the people of the State, provided that the borrower assures repayment of that <br />money. <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 />SECTION 4 -BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED <br />At its January 2004 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $310,500 for PROJECT costs plus <br />$3,105 for the 1% loan service charge for a total loan amount of $313,605, with repayment <br />terms of 2.50% per annum for 30 years. <br />SECTION 5 -SCHEDULE OF EXISTING DEBT <br />No existing long-term debt <br />SECTION 6 -COLLATERAL <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, in <br />Appendix 1 to Loan Contract C150165 <br />