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Project Summary — Headgate 135 Lateral, Inc. — Contract No. C150270 <br />SECTION 1 —BORROWER INFORMATION <br />Name: Headgate 135 Lateral, Inc. <br />Address: 3042 Belford Ct., Grand Junction, CO 81504 <br />Contact: Gordon Barker, President <br />Phone Number: 970-260-9583 Fax Number: 970-523-5279 <br />E-mail address: marsha_barker@bresnan.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 construction of the Headgate 135 Pipeline Project, located in Mesa <br />County, hereinafter referred to as the PROJECT at an estimated total cost of <br />$260,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PRO�ECT entitled "Headgate 135 Lateral Incorporation Pipeline Project," dated <br />May 2008, compiled by Headgate 135 Lateral, Incorporation and Natural Resources <br />Conservation Service, which is incorporated herein by reference, and, based upon <br />the feasibility report, the CWCB determined the PRO�ECT to be technically and <br />financially feasible. <br />SECTION 3 — CWCB'S AUTHORITY <br />Severance Tax Trust 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 July 2008 meeting, the CWCB approved a loan from the Severance Tax Trust Fund <br />Perpetual Base Account to the BoRROwER in an amount up to $260 fOP PROJECT COStS <br />not to exceed 90% of the cost Of th@ PROJECT with a loan origination fee of 1% in <br />accordance with CWCB Policy No. 16, at an interest rate of 3.50% per annum for a <br />repayment term of 30 years. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />SECTION 6 - COLLATERAL <br />Appendix 1 to Loan Contract C150270 <br />Page 1 of 4 <br />