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PROJECT SUMMARY — Greeley and Loveland Irrigation Company <br /> Contract No. C150362 <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Greeley and Loveland Irrigation Company, a Colorado <br /> nonprofit corporation <br /> Address: 808 23rd Ave., Greeley, Colorado 80634 <br /> Contact: Ron Brinkman, General Manager & Secretary/Treasurer <br /> Phone Number: 970-352-0495 <br /> E-mail address: rbglic808 @aol.com <br /> Type of Entity: Colorado nonprofit corporation <br /> SECTION 2—PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan for the <br /> Irrigation System Improvements Project to improve water management <br /> inefficiencies, reduce high maintenance costs, prevent continued outlet deterioration <br /> and meet the Colorado Office of the State Engineer, Dam Safety Branch's <br /> requirements at Horseshoe Lake and Boyd Lake. The PROJECT is located in <br /> Larimer County and the estimated PROJECT cost is $3,123,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated August 2013 on the PROJECT, entitled "Greeley and Loveland Irrigation <br /> System Improvement Project," which was prepared by Ed Toms, P.E., with URS <br /> Corporation and is incorporated herein by reference. Based upon the feasibility <br /> report, the CWCB determined the PROJECT to be technically and financially feasible. <br /> SECTION 3—CWCB's AUTHORITY <br /> Construction Fund: This loan is made pursuant to the provisions of§§ 37-60-119 and <br /> 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from <br /> the CWCB Construction Fund for the benefit of the people of the state, provided that <br /> 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 /> At its September 2013 meeting, the CWCB approved a Small Project Loan from the <br /> Construction Fund to the BORROWER in an amount up to $3,123,000 for PROJECT costs, <br /> with $31,230 for the loan origination fee of 1% of the cost of the PROJECT, in <br /> accordance with CWCB Policy No. 16, resulting in a total loan amount of $3,154,230 at <br /> a blended interest rate of 2.15% per annum for a repayment term of 30 years. <br /> Appendix 1 to Loan Contract C150362 <br /> Page 1 of 4 <br />