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C150175 contract docs
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C150175 contract docs
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Last modified
5/17/2010 9:24:41 AM
Creation date
5/12/2010 10:52:31 AM
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Template:
Loan Projects
Contract/PO #
C150175
Contractor Name
3T Cattle Company
Contract Type
Loan
Water District
1
County
Morgan
Loan Projects - Doc Type
Contract Documents
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l��J <br />� <br />Project Summary — 3T Cattle Company — Contract No. C150175 <br />SECTION 1 —BORROWER INFORMATION <br />Name: 3T Cattle Company, Inc. <br />Address: P. O. Box 88, Fort Morgan, Colorado 80701 <br />Federal Identification No.: 84-0623184 <br />Contact: Kevin Averch <br />Phone Number: 970-380-3078 Fax Number: 970-542-2584 <br />E-mail address: raverch@kci.net <br />Type of Entity: a Colorado corporation <br />SECTION 2 — PROJECT DESCRIPTION <br />Description of PRO�ECT: The BoRROwER applied to the CWCB for a loan to be used <br />for the purchase of five shares of Weldon Valley Ditch Company for augmentation <br />water for its cattle feedlot, located in Morgan County, hereinafter referred to as the <br />PROJECT at an estimated total cost of $ 5,000. In November 2004, the total <br />PRO�ECT cost was determined to ,5'�� , <br />Description of Feasibility Study: T T ��� as r'ewed a feasibility study report on <br />the PROJECT entitled "Feasibility of the _�� E� a� le o pany Augmen ta tion P r o j e c t," <br />dated April 2004, compiled b ��t I��tiC�; I'�-,�, ich is incorporated herein by <br />reference, and, based upon the �ilit�report, the CWCB determined the PRO�ECT to <br />be technically and financially fea i le. <br />SECTION 3 — CWCB'S AUTHORITY <br />Small Proiect 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 May 2004 meeting, the CWCB approved a Small Project Loan from the Severance <br />Tax Trust Fund Perpetual Base Account to the BoRROwER in an amount up to $247,500 <br />for PROJECT costs plus $2 ,475 for the 1% loan service charge for a total loan amount of <br />$249,975, with repayment terms of 2.50% per annum for 30 years. Based upon the actual <br />PROJECT COSt the loan will be in an amount up to $229,500 plus $2,295 for the 1% service <br />charge for a total loan amount of $231,795, at the same repayment terms described above. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />The BoRROwER has a loan from the Farm Credit Service of Greeley with a balance of <br />$337,916 and annual payment of $44,090 through 2015 on which they are current. The <br />collateral for the Farm Credit Service Loan is not the same as the collateral for the <br />CWCB loan, so there is no parity requirement. <br />Appendix 1 to Loan Contract C150175 <br />
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