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0 <br />� r 1 <br />ject Summary - Lake Canal Reservoir Company - Contract No. <br />C150299 <br />1 — BORROWER INFORMATION <br />Name: Lake Canal Reservoir Company <br />Address: 33040 Railroad Ave, P.O. Box 104, Lucerne, CO 80646 <br />Contact: Don Magnuson, Manager <br />Phone Number: 970 -490 -2620 <br />E -mail address: don @newcache.com <br />Type of Entity: a Colorado nonprofit corporation <br />2 — Project Description <br />A. escription of PROJECT: The BORROWER applied to the CWCB for a loan to be <br />sed for the construction of the South Gray Reservoir Rehabilitation and Gray No. <br />Breaching Project, located in Larimer County, hereinafter referred to as the <br />ROJECT, at an estimated total cost of $433,000. <br />B. lescription of Feasibility Study: The CWCB has reviewed a feasibility study report <br />n the PROJECT entitled "Feasibility Study," dated August 3, 2009, compiled by <br />uane Smith, P.E., of Smith Geotechnical Engineering, which is incorporated herein <br />y reference, and, based upon the feasibility report, the CWCB determined the <br />ROJECT to be technically and financially feasible. <br />SECTION 3 — CWCB'S AUTHORITY <br />Co trucdon Fund. This loan is made pursuant to the provisions of §§ 37 -60 -119 and <br />37- 0 -120, C.R.S., which authorize the CWCB to loan money for water projects from <br />the WCB Construction Fund for the benefit of the people of the state, provided that <br />the orrower assures repayment of that money. <br />Sec ion 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 />Fun Perpetual Base Account Fund without prior approval from the General <br />Asse,mbly. <br />SECTION 4 - BOARD APPROVAL <br />At i September 2009 meeting, the CWCB approved a Small Project Loan from the <br />Con truction Fund to the BORROWER in an amount up to $393,900 for PROJECT costs, not to <br />exc d 90% of the cost of the PROJECT, with a loan origination fee of 1 % in accordance with <br />CW B Policy No. 16, at an interest rate of 3.15% per annum for a repayment term of 30 <br />year . <br />5 — SCHEDULE OF EXISTING DEBT <br />Existing CWCB loan with a balance of $53,884 ($6,920 annual payment) and a maturity <br />date of ulv 2018. <br />6 - COLLATERAL <br />Appendix 1 to Loan Contract C150299 <br />Page 1 of 4 <br />