C150272 Contract

• Contract/PO #: C150272
• Contractor Name: Farmers Pawnee Canal Company, The
• Contract Type: Loan
• Water District: 0
• County: Logan
• Loan Projects - Doc Type: Contract Documents

Project Summary — Farmers Pawnee Canal Company — Contract No.
C15272
SECTION 1 — BORROWER INFORMATION
Name
Address
Contact
Phone Number
E -mail address
Type of Entity
Farmers Pawnee Canal Company
16911 County Road 39, Sterling, CO 80751
John Guenzi
970 - 520 -0077
[e-mail]
a Colorado nonprofit corporation
Section 2 — Project Description
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be
used for the Ditch Flow Control Structures Project, located in Logan County,
hereinafter referred to as the PROJECT, at an estimated total cost of $250,000.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study
report on the PROJECT entitled "Feasibility of the Rehabilitation of the Farmers
Pawnee Canal Company Ditch Flow Control Structures," dated July 2008,
compiled by Brent Nation, P.E., which is incorporated herein by reference, and,
based upon the feasibility report, the CWCB determined the PROJECT to be
technically and financially feasible.
SECTION 3 — CWCB'S AUTHORITY
Severance Tax Trust Fund Perpetual Base Account. This loan is made pursuant
to the provisions of §§ 39- 29- 109(1)(a)(1), 37.60 -119 and 37-60 -120, C.R.S., which
authorize the CWCB to loan money for water projects from the CWCB Severance Tax
Trust Fund Perpetual Base Account 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
$10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account without prior approval from the General Assembly.
SECTION 4 - BOARD APPROVAL
At its September 2008 meeting, the CWCB approved a loan from the Severance Tax
Trust Fund Perpetual Base Account to the BORROWER in an amount up to $225,000 for
PROJECT costs, not to exceed 90% of the cost of the PROJECT, with a loan origination fee
of 1 % in accordance with CWCB Policy No. 16, at an interest rate of 2.5% per annum for
a repayment term of 30 years.
SECTION 5— SCHEDULE OF EXISTING DEBT
June 18, 2008 CWCB loan for $22,250, with a term of 10 years at 3.5% per annum. One
annual payment is remaining.
SECTION 6 - COLLATERAL
Appendix 1 to Loan Contract C150272
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