C150244 contract docs

• Contract/PO #: C150244
• Contractor Name: Wood Lake Mutual Water & Irrigation Company
• Contract Type: Loan
• Water District: 0
• County: Weld
• Loan Projects - Doc Type: Contract Documents

Project Summary — Wood Lake Mutuai Water and Irrigation Company —
Contract No. C150244
SECTION 1 —BORROWER INFORMATION
Name: Wood Lake Mutual Water and Irrigation Company
Address: P.O. Box 72, Lucerne, CO 80646
Federal Identification No.: 84-0984292
Contact: Gary Booth, President
Phone Number: 970-353-7055
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 to replace the existing outlet works and spillway for Angel Lake, located in
Weld County, hereinafter referred to as the PRO�ECT, at an estimated total cost of
$234,000.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
on the PRO�ECT entitled "Feasibility Study," dated November 2006, compiled by
Smith Geotechnical, 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
$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approvai from the General Assembly
SECTION 4 - BOARD APPROVAL
At its January 2007 meeting, the CWCB approved a loan from the Severance Tax Trust
Fund to the BoRROwER in an amount up to $210 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 2.50% per annum for a repayment term of 30 years.
SECTION 5— SCHEDULE OF EXISTING DEBT
Borrower's only existing debt is a previous loan from the CWCB, Loan Contract C153810,
with an approximate balance of $377,000.00.
Appendix 1 to Loan Contract C150244
Page 1 of 4