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Project Summary — Lower Poudre Augmentation Company — Contract <br />No. C150245 <br />SECTION 1 — BORROWER INFORMATION <br />Name: Lower Poudre Augmentation Company <br />Address: 33040 Railroad Ave, P.O. Box 104, Lucerne, CO 80646 <br />Federal Identification No.: 20- 1950933 <br />Contact: Don Magnuson, Superintendent <br />Phone Number: 970 - 352 -0222 <br />E -mail address: don @newcache.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 purchase of the Timnath Flatiron Reservoir and 4.5 shares in the Box <br />Elder Ditch Company for the purpose of providing augmentation water for existing <br />wells, located in Larimer and Weld Counties, hereinafter referred to as the <br />PROJECT, at an estimated total cost of $3,414,800. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility Study," dated December 2006, compiled by the <br />Applegate Group, which is incorporated herein by reference, and, based upon the <br />feasibility report, the CWCB determined the PROJECT to be technically and <br />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)(1), 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 Assembly <br />SECTION 4 - BOARD APPROVAL <br />At its March 2007 meeting, the CWCB approved a Severance Tax Trust Fund Perpetual <br />Base Account Loan to the BORROWER in an amount up to $3,073,320 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 2.50% per annum for a repayment term of <br />30 years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />Appendix 1 to Loan Contract C150245 <br />Page 1 of 4 <br />