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Project Summary — Terrace Irrigation Co. — Contract No. C150171 SECTION 1 — BORROWER INFORMATION Name: The Terrace Irrigation Company Address: 10299 County Road DD, LaJara CO 81140 Federal Identification No.: 84- 0412531 Contact: John Riddick, Secretary/Treasurer Phone Number: 719- 587 -0461 E -mail address: momuqu @amigo.net Type of Entity: a Colorado nonprofit corporation Section 2 — Project Description Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used for rehabilitation of the Terrace Reservoir (including construction of a cofferdam to allow access to the outlet works, the removal and replacement of the existing trash rack, debris and sediment removal within the dut pipe, the repair of the existing double leaf 48 -inch gate valve in the west outfe tO.Abel aind general maintenance to the downstream ring jet valve) located in ?tej Cony, 41reinafter referred to as the PROJECT, at an estimated total cost x#'27,000; y� �.,... Description of Feasibility Study: The CWC has ehj6w6d a feasibility study report on the PROJECT entitled "Feasibility Study of Tertpc6,�Reservoir Outlet Improvements," dated February 2004, prepared by John AlleJav&y of Davis Engineering Service, Inc., which is incorporated herein by reference, d; based upon the feasibility report, the CWCB determined the PROJECT to be technically and financially feasible. SECTION 3 — CWCB'S AUTHORITY Small Project Loan: This loan is made pursuant to the provisions of §§ 37 -60 -119 and 37 -60 -120, C.R.S., which authorizes the CWCB to loan money for water projects 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 $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 AND LEGISLATIVE AUTHORIZATION (IF NEEDED At its March 2004 meeting, the CWCB approved a Small Project Loan from the Severance Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up to $243,000 for PROJECT Costs plus $2,430 for the 1% loan service charge for a total loan amount of $245,430, with repayment terms of 2.50% per annum for 30 years. SECTION 5 — SCHEDULE OF EXISTING DEBT The BORROWER has three outstanding loans with no lien against the BORROWER'S revenues senior to the CWCB debt: Appendix 1 to Loan Contract C150171