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Project Summary — Terrace Irrigation Company — Contract No. C150332 <br />SECTION 1 — BORROWER INFORMATION <br />Name: Terrace Irrigation Company <br />Address: P.O. Box 109, Monte Vista, CO 81144 <br />Contact: Rodney Reinhardt, Project Manager <br />Phone Number: 719 - 589 -2128 <br />E -mail address: rodneyvirg @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 Spillway Replacement Project, located in Conejos <br />County, hereinafter referred to as the PROJECT, at an estimated total cost of <br />$4,500,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility of Spillway Replacement of Terrace Reservoir," <br />dated January 2012, compiled by Ed Toms from URS Corp., which is incorporated <br />herein by reference, and, based upon the feasibility report, the CWCB determined <br />the PROJECT to be technically and 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 loan in an amount up to $2,751,968 <br />for the consolidation of the Borrower's three existing loans described below in Section <br />5, as well as a Small Project Loan from the Construction Fund to the BORROWER in an <br />amount up to $1,000,000 for PROJECT costs, not to exceed 90% of the cost of the <br />PROJECT, with a loan origination fee of 1% in accordance with CWCB Policy No. 16, at <br />an interest rate of 1.75% per annum for a repayment term of 30 years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />Borrower has three existing loans with the CWCB that will be consolidated under this <br />Loan Contract, detailed as follows: <br />Appendix 1 to Loan Contract C150332 <br />Page 1 of 4 <br />