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Project Summary — Town of Hillrose — Contract No. C150254 <br />SECTION 1 —BORROWER INFORMATION <br />Name: Town of Hillrose, acting by and through its Water <br />Activity Enterprise <br />Address: 3156 Emerson, P.O. Box 1, Hillrose, CO 80733 <br />Contact: Lynn Golemboski, Town Clerk and Administrator <br />Phone Number: 970-847-3761 <br />Fax Number: 970-847-3761 <br />E-mail address: townofhillrose@aginformation.com <br />Type of Entity: The Town of Hillrose Water Activity Enterprise Fund is <br />a water activity enterprise established by the Town by <br />Ordinance No. 52, dated December 1, 1980, pursuant <br />to Article 45.1, Title 37, C.R.S., which resolution is <br />incorporated herein by reference. The Enterprise was <br />formed and is operated as an enterprise within the <br />meaning of Co�o CONST. Af't. X , Section 20. <br />Section 2 — Project Description <br />A. Description of PRO�ECT: The BoRROwER applied to the CWCB for a loan to be <br />used to finance the purchase of surface water rights, 6 shares of Lower Platte & <br />Beaver Canal Company, to use for well augmentation for its proposed secondary <br />water system, located in Morgan County, hereinafter referred to as the PRO�ECT, <br />at an estimated total cost of $55,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study <br />report on the PRO�ECT compiled by Brent M. Nation, P.E. of Fort Morgan which is <br />incorporated herein by reference, and, based upon the feasibility report, the <br />CWCB determined the PRO�ECT to be 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 AND LEGISLATIVE AUTHORIZATION (IF NEEDED� <br />At its July 2007 meeting, the CWCB approved a loan from the Severance Tax Trust Fund <br />Perpetual Base Account to the BoRROwER in an amount up to $49,995 for PRO�ECT costs, <br />not to exceed 90% of the cost of the PRO�ECT, with a loan origination fee of 1% in <br />Appendix 1 to Loan Contract C150254 <br />Page 1 of 3 <br />