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Project Summary - WRCC, Inc. - Contract No. C150302 <br />SECTION 1 —BORROWER INFORMATION <br />Name: WRCC, inc. <br />Address: 106 Elm Avenue, P.O. Box 206, Eaton, CO 80615 <br />Contact: Mayo `Butch" Sommermeyer <br />Phone Number: 970-454-3377 <br />E-mail address: Iwirrigation@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 the construction of the Cobb Lake Inlet Structure Project, located in <br />LariGner County, hereinafter referred to as the PRO�ECT, at an estimated total cost <br />of $1,433,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PRO�ECT entitled "Feasibility of Cobb Lake Inlet Structure Project, September <br />21, 2009," compiled by Mayo Sommermeyer of the Dow Law Firm, LLC and John <br />Andrew, PhD, P.E., which is incorporated herein by reference, and, based upon the <br />feasibility report, the CWCB determined the PROJECT to be technically and <br />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 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly. <br />SECTION 4 - BOARD APPROVAL <br />At its November 2009 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BoRROwER in an amount up to $1,301,890 f01' PROJECT COStS, not <br />to exceed 90% of the cost of the PRO�ECT, with a loan origination fee of 1% in accordance <br />with CWCB Policy No. 16, at an interest rate of 2.85% per annum for a repayment term of <br />30 years. <br />SECTION 5— SCHEDULE OF EXISTING DEBT <br />Existing CWCB loan with a balance of $1,285,730 ($61,839 annual payment) and a <br />maturity date of December 1, 2039. <br />SECTION 6 - COLLATERAL <br />Appendix 1 to Loan Contract C150302 <br />Page 1 of 3 <br />