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Project Summary — Boulder and White Rock Ditch and Reservoir <br />Company — Contract No. C150279 <br />SECTION 1 — BORROWER INFORMATION <br />Name: Boulder and White Rock Ditch and Reservoir Company <br />Address: P.O. Box 1826, Longmont, CO 80502 <br />Contact: Dan Grant <br />Phone Number: 303 - 678 -4179 <br />E -mail address: dan.grant @guarantybankco.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 Panama Reservoir Outlet Project, located in <br />Boulder County, hereinafter referred to as the PROJECT, at an estimated total cost <br />of $2,673,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Panama Reservoir Outlet Project," dated October 2008, <br />compiled by Ed Toms, P.E., URS Corporation, which is incorporated herein by <br />reference, and, based upon the feasibility report, the CWCB determined the <br />PROJECT 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)(1), 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 />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 2008 meeting, the CWCB approved a loan from the Severance Tax Trust <br />Fund Perpetual Base Account to the BORROWER in an amount up to $2,406,000 for PROJECT <br />costs, not to exceed 90% of the cost of the PROJECT, with a loan origination fee of 1 % in <br />accordance with CWCB Policy No. 16, at an interest rate of 3.45% per annum for a <br />repayment term of 30 years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />Centennial Bank of the West, Contract Date 12/14/2005, Maturity Date 12/14/2010, <br />Original Amount $150,000. Collateral for the loan is a residential structure. <br />SECTION 6 - COLLATERAL <br />Appendix 1 to Loan Contract C150279 <br />Page 1 of 3 <br />