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Project Summary — Penrose Water District — Contract No. C150237 <br />SECTION 1 —BORROWER INFORMATION <br />Name: Penrose Water District, acting by and through its Water <br />Activity Enterprise <br />Address: 340 Grant Street, Penrose, CO 81240 <br />Contact: Ron Gasser, District Manager <br />Phone Number: (719) 372-3289 Fax Number: (719) 372-9347 <br />E-mail address: penwd1@bresnan.net <br />Type of Entity: The Penrose Water District is a Title 3 Special District, <br />located in Fremont County. The Penrose Water District <br />Water Activity Enterprise is a water activity enterprise <br />established in November 1999. The Enterprise was <br />formed and is operated as an enterprise within the <br />meaning of Co�o CONST Art. X, Section 20. <br />Section 2 — Project Description <br />A. Description of PRO�ECT: The BoRROwER applied to the CWCB for a loan to be <br />used to purchase water rights, construct a raw water pipeline, and enlarge Brush <br />Hollow Reservoir, located in Fremont County, hereinafter referred to as the <br />PROJECT at an estimated total cost of $9,730,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study <br />report on the PRO�ECr compiled by Leonard Rice Engineers, Inc., which is <br />incorporated herein by reference, and, based upon the feasibility report, the <br />CWCB determined the PRO�ECT to be 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 />At the time of loan approval, Section 37-60-122(1)(b) C.R.S., authorized the CWCB <br />to make loans of up to $5,000,000 from the CWCB's Construction Fund and the <br />State Severance Tax Trust Fund Perpetual Base Account Fund without prior approval <br />from the General Assembly. <br />SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br />At its November 2006 meeting, the CWCB approved a loan from the Severance Tax Trust <br />Fund to the BoRROwER in an amount up to $8,757 fOf PROJECT COStS not to exceed <br />90% of the cost of the PRO�ECT, with a loan origination fee of 1% in accordance with <br />CWCB Policy No. 16, at an interest rate of 3.25% per annum for a repayment term of 30 <br />years. <br />Appendix 1 to Loan Contract C150237 <br />Page 1 of 4 <br />