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� � <br />Project Summary - Bull Creek Reservoir Canal & Power Company - <br />Contract No. C150240 <br />SECTION 1 —BORROWER INFORMATION <br />Name: Bull Creek Reservoir, Canal & Power Company <br />Address: P.O. Box 25, Molina, CO 81646 <br />Federal Identification No.: 84-0729190 <br />Contact: Irvin D. Johnson <br />Phone Number: 970-268-5560 Fax Number: 970-268-5551 <br />E-mail address: Pinon5551 @aol.com <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 rehabilitation and enlargement of the Bull Creek Reservoir No. 4, located <br />in Mesa County, hereinafter referred to as the PRO�ECT, at an estimated total cost <br />of $1,200,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PRO�ECT entitled "Feasibility Study," dated November 30, 2006, compiled by <br />Water Resource Consultants, LLC, which is incorporated herein by reference, and, <br />based upon the feasibility report, the CWCB determined the PRO�ECT to be <br />technically and financially feasible. <br />SECTION 3 — CWCB'S AUTHORITY <br />Severance Tax Trust Fund Perpetual 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 />$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 <br />At its January 2007 meeting, the CWCB approved a loan from the Severance Tax Trust <br />Fund Perpetual Base Account to the BoRROwER in an amount up to $1,212,000 fOP PROJECT <br />costs, not to exceed 90% of the cost of the PRO�ECT, including a loan origination fee of 1% <br />in accordance with CWCB Policy No. 16, at an interest rate of 2.50% per annum for a <br />repayment term of 30 years. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />Palisade National Bank, in Palisade, Colorado, estimated balance of $160,000, which <br />Borrower will pay off with part of the CWCB loan. See Section 7 below. <br />Appendix 1 to Loan Contract C150240 <br />Page 1 of 4 <br />