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Project Summary — Town of Ridgway, a home rule municipality, acting <br /> by and through its Water Activity Enterprise <br /> Contract No. C150340 <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Town of Ridgway, a home rule municipality, acting by <br /> and through its Water Activity Enterprise <br /> Address: PO Box 10, Ridgway, CO 81432 <br /> Contact: Joanne Fagan, P.E., Town Engineer for Ridgway <br /> Phone Number: 970.626.5227 <br /> E-mail address: jfagan @town.ridgway.co.us <br /> Type of Entity: The BORROWER is a home rule municipality established <br /> in 1891 and is located in Ouray County, Colorado. The <br /> Town's Water Activity Enterprise was formed and is <br /> operated as an enterprise within the meaning of CoLO. <br /> CONST. Art. X, Section 20. <br /> Section 2 — Project Description <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br /> used for the construction of the Lake Otonowanda Rehabilitation Project, located <br /> in Ouray County, hereinafter referred to as the PROJECT, at an estimated total <br /> cost of $2,136,482. The purpose of the PROJECT is to increase the Town's raw <br /> water storage capacity to ensure a reliable water supply is available under future <br /> drought conditions. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study <br /> report dated July 9, 2012 on the PROJECT. The entitled "Town of Ridgway-Lake <br /> Otonowanda Rehabilitation Project" compiled by Joanne Fagan, P.E., Town <br /> Engineer for Ridgway, which is incorporated herein by reference. Based upon the <br /> feasibility report, the CWCB determined the PROJECT to be technically and <br /> financially feasible. <br /> SECTION 3—CWCB's AUTHORITY <br /> Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 <br /> and 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects <br /> from the CWCB Construction Fund for the benefit of the people of the state, provided <br /> that the BORROWER assures repayment of that money. <br /> Section 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 /> Fund Perpetual Base Account Fund without prior approval from the General <br /> Assembly <br /> SECTION 4 - BOARD APPROVAL <br /> On September 28, 2012 the CWCB approved a project loan request, from the <br /> Appendix 1 to Loan Contract C150340 <br /> Page 1 of 4 <br />