C150089 contract docs

• Contract/PO #: C150089
• Contract/PO #: CT2015-048
• Contractor Name: Owl Creek Reservoir Company
• Contract Type: Loan
• Water District: 1
• County: Weld
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY—OWL CREEK RESERVOIR CO.—CONTRACT NO C150089
SECTION 1 —BORROWER INFORMATION
Name:
Address:
Contact:
Phone Number:
Email
Type of Entity:
Owl Creek Reservoir Company
P. O. Box 210
13813 WCR 74
Eaton, CO 80615
J. Gale & Valerie Moody, Iblanager
970-454-1504 Fax Number: 970-454-1505
[e-mail]
Colorado corporation consisting of two stockholders.
SECTION 2 — PROJECT DESCRIPTION
Description of PRO�ECT: Owl Creek Reservoir is located in Weld County, Colorado. The
reservoir was originally constructed in 1896 to store water for irrigation. The dam was
constructed of a granular material that over the years suffered structural damage due to
seepage. In 1983 sand boils appeared along the toe of the dam giving evidence that
piping was occurring along the dam embankment. Given the condition of the dam
embankment and the potential for failure, the dam was intentionally breached in 1983.
The goal of the project is to rehabilitate the existing facility to meet the State of
Colorado's "Rules and Regulations for Dam Safety and Dam Construction" therefore
permitting the storage of approximately 1,200 acre-feet of water generated from surface
runoff from the Upper Owl Creek basin. The project will consist reconstructing the
existing dam embankment, construction of a new outlet structure and spillway, and
dredge the reservoir to �rovide an additional 400 acre-feet of storage (PRO�ECT) at a total
cost of approximately $1,250,000.
Description of Feasibility Study: The CWCB assisted in the preparation of a feasibility
study report entitled Feasibility Study of Ow! Creek Reservoir dated November 2002,
incorp�rated by reference, and has reviewed said report. Based the�report, tlie
CWCB determined the PRO�ECT to be technically and financially feasible.
SECTION 3 — CWCB'S AUTHORITY
Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 and
37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from the
CWCB Construction Fund for the benefit of the people of the state, provided that the
borrower assures repayment of that money.
SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED�
At its November 2001, meeting, the CWCB approved a loan to the BORROWER If1 an
amount up to $1,125,000, not to exceed 90% of the cost of the PRO�ECT, at an interest rate
of 2.75% per annum for a repayment term of 30 years.
Pursuant to HB02-1152, Section 1(d), the Colorado General Assembly authorized CWCB
to loan to the BoRROwER an amount up to $1,125 forthe PROJECT
SECTION 5 — COLLATERAL
The BoRROwER shall convey to the CWCB an undivided one hundred percent security
Appendix 1 to Loan Contract C150089