C150222 PIF Contract

• Contract/PO #: C150222
• Contractor Name: Orchard Mesa Irrigation District
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Loan Projects - Doc Type: Contract Documents

Project Summary — Orchard Mesa Irrigation District
Contract No. C150222
SECTION 1 — BORROWER INFORMATION
Name: Orchard Mesa Irrigation District
Address: 668 38 Road, Palisade, CO 81526
Federal Identification No.: 84- 0790376
Contact: Rita Crumpton, Manager
Phone Number: (970) 464 -7885 Fax Number: (970) 464 -5928
E -mail address: ritac @acsol.net
Type of Entity: The District is an irrigation district governed by the
Irrigation District Law of 1921, C.R.S. § 37 -42 -101 et seq.
and located in Mesa County.
Section 2 — Project Description
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be
used for the construction of the replacement of the Stokes Gulch Siphon on the
District's Power Canal system, located in Mesa County, hereinafter referred to as
the PROJECT, at an estimated total cost of $600,000.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study
report on the PROJECT compiled by W Management Consultants, which is
incorporated herein by reference, a ed the feasibility report, the
CWCB determined the PROJECT to b cal n nancially feasible.
SECTION 3 — CWCB'S AUTHORITY
4
Severance Tax Trust Fund Per etua as nt: This loan is made pursuant to
the provisions of §§ 39- 29- 109(1)(a)#thmolney. 19 and 37 -60 -120, C.R.S., which
authorize the CWCB to loan money for ojects from the CWCB Severance Tax
Trust Fund Perpetual Base Account to efit of the people of the state, provided
that the borrower assures repayment o
Section 37- 60- 122(1)(b) C.R.S., authorizes the CWCB to make loans of up to
$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approval from the General
Assembly
SECTION 4 - BOARD APPROVAL
At its March 21, 2006 meeting, the CWCB approved a loan from the Severance Tax
Trust Fund Perpetual Base Account to the BORROWER in an amount up to $545,400 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 2.50% per annum for a
repayment term of 30 years.
Appendix 1 to Loan Contract C150222
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