C150251 Contract Docs

• Contract/PO #: C150251
• Contractor Name: Montezuma Valley Irrigation Company
• Contract Type: Loan
• County: Montezuma
• Loan Projects - Doc Type: Contract Documents

Project Summary — MONTEZUMA VALLEY IRRIGATION COMPANY — Contract
No. C150251
SECTION 1 — BORROWER INFORMATION
Name: Montezuma Valley Irrigation Company
Address: 11501 Hwy 491, Cortez, CO 81321
Federal Identification No.: 84- 0270210
Contact: Jim Siscoe, Manager
Phone Number: (970) 759 -8742
E -mail address: jsiscoe @mvic.us
Type of Entity: 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 construction of the May Lateral Pipeline Project, located in
Montezuma County, hereinafter referred to as the PROJECT, at an estimated total
cost of $2,950,027.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
on the PROJECT entitled "Feasibility Study," dated March 2007, compiled by Jim
Siscoe, 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 Fund without prior approval from the General Assembly
SECTION 4 - BOARD APPROVAL
At its July 2007 meeting, the CWCB approved a loan from the Severance Tax Trust Fund
Perpetual Base Account to the BORROWER in an amount up to $5,292,400 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 Nov 16, at an interest rate of 2.25% per annum for a
repayment term of 30 years.
SECTION 5 — SCHEDULE OF EXISTING DEBT
The Dolores Water Conservancy District, a Colorado quasi - municipal corporation
( "DWCD "), has two agreements with the Borrower (MVIC), under which the Borrower
has repayment obligations to DWCD secured by a first lien on the Borrower's
assessment revenues. These Agreements include the "Contract between DWCD and
Appendix 1 to Loan Contract C150251
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