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� <br />� <br />PROJECT SUMMARY KERN RESERVOIR AND DITCH COMPANY CoNTrt�cT C150118 <br />SECTION 1 -BORROWER INFORMATION <br />Name: Kern Reservoir and Ditch Company <br />Contact: W. Wayne Miller, President <br />Address: c/o Kenneth F. Lind, Esq. <br />� 1011 11 th Avenue <br />Greeley, CO 80631 <br />Phone Number: 970-353-2323 Fax Number: 970-356-1111 <br />Type of Entity: Colorado nonprofit corporation <br />SECTION 2 - PROJECT DESCRIPTION <br />Description of PRO�ECT: The BoRROwER operates Kern Reservoir for storage of <br />irrigation water, as an equalizer reservoir for the Greeley No. 2 Ditch, and for <br />recreation. The BoRROwER applied for a$3,620,000 loan to finance the cost to <br />dredge out the reservoir to restore the original capacity of 1,800 acre-feet and to <br />provide additional storage for the 100-year flood (PRO�ECT) at a total estimated total <br />cost of $6,160,000. <br />Description of Feasibility Study: The CWCB has reviewed a feasibility study report on <br />the PRO�ECT by Hall-Irwin Construction and Rocky Mountain Consultants, Inc. entitled <br />Feasibility Study Kern Reservoir Enlargement, dated August 2002, which is <br />incorporated herein by reference, and, based upon the feasibility report, the CWCB <br />determined the PRO�ECT to be technically and financially feasible. <br />SECTION 3 - CWCB'S AUTHORITY <br />Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 and <br />37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from <br />the CWCB Construction Fund for the benefit of the people of the state, provided that <br />the borrower assures repayment of that money. <br />SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED� <br />A. At November 2002 meeting, the CWCB approved a loan to the BoRROwER in an <br />amount up to $3,620,000 at an interest rate of 5.1 % per annum for a repayment <br />term of 30 years or 4.8% for 20 years, at the Borrower's option. The interest rate <br />for this loan is a blended rate based on municipal high income (4.75%) ownership <br />of 70 shares and commercial (6.00%) ownership of 30 shares. <br />B. Pursuant to Bill SB03-110, Section 1(b), the Colorado General Assembly <br />authorized CWCB to loan to the BoRROwER an amount up to $3,620,000 for the <br />PROJECT <br />SECTION 5- SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />Appendix 1 to Loan Contract C150118 <br />