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Project Summary — North Delta Irrigation Company — Contract No. <br />C150331 <br />SECTION 1 — BORROWER INFORMATION <br />Name: North Delta Irrigation Company <br />Address: 1221 Hwy 50, Delta, CO 81416 <br />Contact: Lynn French <br />Phone Number: 970 - 921 -7700 <br />E -mail address: f1f450 @aol.com <br />Type of Entity: a Colorado nonprofit corporation <br />Section 2 — Project Description <br />A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br />used for the construction of the NDIC Tunnel Repair Project, located in Delta <br />County, hereinafter referred to as the PROJECT, at an estimated total cost of <br />$1,210,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility of Upper Portion of Canal System," dated <br />December 20, 2011, compiled by Kellie Knowles, P.E., from West Water <br />Engineering, 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 March 2012 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $808,000 for PROJECT costs, not to <br />exceed 90% of the cost of the PROJECT, with a loan origination fee of 1 % in accordance with <br />CWCB Policy No. 16, at an interest rate of 3.10% per annum for a repayment term of 30 <br />years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />None. <br />SECTION 6 - COLLATERAL <br />Appendix 1 to Loan Contract C150331 <br />Page 1 of 3 <br />