C150157 contract docs ‎(2)‎

• Contract/PO #: C150157
• Contractor Name: Grand Mesa Reservoir Company
• Contract Type: Loan
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

Project Summary - Grand Mesa Reservoir Co. - Contract No. C150157
SECTION 1 -BORROWER INFORMATION
Name: The Grand Mesa Reservoir Company
Address: 3333 Purdy Mesa Road, Whitewater, CO 81527
Federal Identification No.: 30-0189562
Contact: Rod Bonnell, Secretary/Treasurer
Phone Number: 970-241-3813
E-mail address: [e-mail]
Type of Entity: Colorado nonprofit corporation
SECTION 2 - PROJECT DESCRIPTION
Description of PRO�ECT: The BoRROwER diverts water from Kannah Creek and operates
six reservoirs on the Grand Mesa to supply water to 16 shareholders for irrigation of a
500-acre service area in Mesa County. The BoRROwER applied for a loan in the amount
of $180,000 to rehabilitate the outlets on Grand Mesa Reservoirs #1 and #9 and complete
spillway and seepage control work on Grand Mesa Reservoir #1 (PRO�ECT) at a total
estimated cost of $200,000.
Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the
PROJECT prepared by John Whiting of the Grand Mesa Reservoir Company entitled
Feasibility Study Grand Mesa Reservoir Company Outlet Projects Grand Mesa Reservoirs
One & Nine, dated July 2003, which is incorporated herein by reference, and, based upon
the feasibility report, the CWCB determined the PRO�ECT to be technically and financially
feasible.
SECTION 3 - CWCB'S AUTHORITY
Small Proiect Loan: This loan is made pursuant to the provisions of §§ 37-60-119 and
37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects for the
benefit of the people of the State, provided that the borrower assures repayment of that
money.
Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to
$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approval from the General Assembly
SECTION 4- BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED�
At its September 2003 meeting, the CWCB approved a Small Project Loan from the
Construction Fund to the BoRROwER in an amount up to $180,000 fOP PROJECT COStS pIUS
$1,800 for the 1% loan service fee for a total loan amount of $181,800, with repayment
terms of (1) 2.70% per annum for 30 years, or (2) 2.40% per annum for 20 years.
SECTION 5- SCHEDULE OF EXISTING DEBT
No existing debt
Appendix 1 to Loan Contract C150157