Laserfiche WebLink
Project Summary - Weldon Valley Ditch Company - Contract No. <br />C150278 <br />SECTION 1 —BORROWER INFORMATION <br />Name: Weldon Valley Ditch Company <br />Address: P.O. Box 626, Weidona, CO 80653 <br />Contact: Eric R. Christensen, Secretary <br />Phone Number: 970-645-1339 <br />E-mail address: cbicattle@wildblue.net <br />Type of Entity: a Colorado nonprofit corporation <br />Section 2 — Project Description <br />A. Description of PRO�ECT: The BoRROwER applied to the CWCB for a loan to be <br />used for improvements to the Cottonwood Draw Flume, located in Morgan County, <br />hereinafter referred to as the PRO�ECT, at an estimated total cost of $150,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PRO�ECT entitled "Feasibility of the Rehabilitation of the Weldon Valley Ditch <br />Company Cottonwood Draw Flume," dated September 2008, compiled by the Brent <br />Nation, P.E., 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 Trusf Fund Perpetua/ 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 <br />At its November 2008 meeting, the CWCB approved a loan from the Severance Tax Trust <br />Fund Perpetual Base Account to the BoRROwER in an amount up to $135 fOf PROJECT <br />costs, not to exceed 90% of the cost of the PRO�ECT, with a loan origination fee of 1% in <br />accordance with CWCB Policy No. 16, at an interest rate of 2.60% per annum for a <br />repayment term of 30 years. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />Existing loan with the CWCB, original amount $188,000, maturity date 2018, current <br />balance $101,400. <br />SECTION 6 - COLLATERAL <br />Appendix 1 to Loan Contract C150278 <br />Page 1 of 3 <br />