C150371 Contract

• Contract/PO #: CT2015-031
• Contract/PO #: C150371
• Contractor Name: Rough and Ready Irrigation Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY
Rough and Ready Irrigating Ditch Company
Contract No. C150371
SECTION 1 —BORROWER INFORMATION
Name: Rough and Ready Irrigating Ditch Company, a Colorado
nonprofit corporation
Address: PO Box 1826, Longmont, Colorado, 80502
Contact: Dan Grant/Treasurer
Phone Number: 303-776-7207
E-mail address: dan @dangrantbookkeeping.com
Type of Entity: Colorado nonprofit corporation
SECTION 2—PROJECT DESCRIPTION
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan for the
Emergency Rough and Ready Ditch River Diversion Structure Repair to repair the
existing diversion structure, due to the 2013 flood event, to allow the BORROWER to
divert their decreed water rights.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
dated October 15, 2013 on the PROJECT, entitled "Emergency Funding for Damaged
River Diversions/Dams From the September 2013 Flood Event"which was prepared
by Rough and Ready Irrigating Ditch Company, Longmont, Colorado and is
incorporated herein by reference. Based upon the feasibility report, the CWCB
determined the PROJECT to be technically and financially feasible.
SECTION 3—CWCB's AUTHORITY
Severance Tax Perpetual Base Fund: This loan is made pursuant to the provisions of
§§ 39-29-109(1)(a)(I), 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 Perpetual Base Fund 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 October 2013 meeting, the CWCB approved a Small Project Loan from the
Severance Tax Perpetual Base Fund to the BORROWER in an amount up to $1,825,000
for PROJECT costs, not to exceed 100% of the cost of the PROJECT, with a loan origination
fee of 1% of the cost of the PROJECT, in accordance with CWCB Policy No. 16, resulting
in a total loan amount of $1,843,250 for 30 years with no payments and zero interest
for the first three years followed by 27 years of amortized payments at the interest
rate of 2.70%.
Appendix 1 to Loan Contract C150371
Page 1 of 4