C150271 contract docs

• Contract/PO #: C150271
• Contractor Name: WRCC, Inc.
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

Project Summary - WRCC, Inc. - Contract No. C150271
SECTION 1 —BORROWER INFORMATION
Name: WRCC, Inc.
Address: 106 Elm Avenue, Eaton, CO 80615
Contact: Mayo Sommermeyer, General Counsel
Phone Number: 970-420-9975
E-mail address: [e-mail]
Type of Entity: a Colorado nonprofit corporation
Section 2 — Project Description
A. Description of PRO�ECT: The BoRROwER applied to the CWCB for a loan to be
used for the construction of the Big Windsor Dam and Spillway Maintenance
Project, located in Larimer County, hereinafter referred to as the PRO�ECT, at an
estimated total cost of $1,413,600.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study
report on the PROJECT entitled "Feasibility of Windsor Dam and Spillway
Maintenance Project," dated August 2008, compiled by Mayo Sommermeyer and
John Andrew, which is incorporated herein by reference, and, based upon the
feasibility report, the CWCB determined the PROJECT to be technically and
financially feasible.
SECTION 3 — CWCB'S AUTHORITY
Severance Tax Trust Fund Perpetual Base Account• This loan is made pursuant
to the provisions of §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which
authorize the CWCB to loan money for water projects from the CWCB Severance Tax
Trust Fund Perpetual Base Account for the benefit of the people of the state,
provided that the borrower assures repayment of that money.
Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to
$10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approval from the General
Assembly.
SECTION 4 - BOARD APPROVAL
At its September 2008 meeting, the CWCB approved a Small Project Loan from the
Severance Tax Trust Fund Perpetual Base Account to the BoRROwER in an amount up to
$1,273 for PROJECT costs not to exceed 90% of the cost of the PRO�ECT, with a loan
origination fee of 1% in accordance with CWCB Policy No. 16, at an interest rate of 2.55%
per annum for a repayment term of 30 years.
SECTION 5— SCHEDULE OF EXISTING DEBT
$500,000 bridge line of credit from Farmers Bank in Ault, Colorado, at an interest rate
of 5.0% per annum.
Appendix 1 to Loan Contract C150271
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