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C150333 Contract
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C150333 Contract
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Last modified
2/21/2014 3:07:22 PM
Creation date
2/18/2014 12:00:05 PM
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Loan Projects
Contract/PO #
C150333
Contractor Name
Montezuma Valley Irrigation Company
Contract Type
Loan
Water District
71
County
Montezuma
Loan Projects - Doc Type
Contract Documents
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Project Summary — Montezuma Valley Irrigation Company — Contract <br />No. C150333 <br />SECTION 1 — BORROWER INFORMATION <br />Name: Montezuma Valley Irrigation Company <br />Address: P.O. Box 1056, Cortez, CO 81321 <br />Contact: Don Magnuson, Manager <br />Phone Number: 970 - 565 -3332 <br />E -mail address: dmagnuson @mvic.info <br />Type of Entity: a Colorado nonprofit corporation <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 Lone Pine and May Pipeline Improvements <br />Project, located in Montezuma County, hereinafter referred to as the PROJECT, at <br />an estimated total cost of $472,500. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Loan Feasibility Study: Lone Pine and May Pipeline <br />Improvements," dated January 2012, prepared by the Applegate Group, Inc., which <br />is incorporated herein by reference, and, based upon the feasibility report, the <br />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 the <br />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 Assembly. <br />SECTION 4 - BOARD APPROVAL <br />At its March 2012 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $338,603 for PROJECT costs, not to <br />exceed 90% of the cost of the PROJECT, with a loan origination fee of 1 % in accordance with <br />CWCB Policy No. 16, at an interest rate of 2.75% per annum for a repayment term of 30 <br />years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />CWCB has an existing loan to Borrower secured by a first- position lien on Borrower's <br />assessment revenues, with an original principal amount of $2,979,825, interest at <br />2.25% per annum, and a term of 30 years. This lien is on a parity basis with the <br />DWCD obligations listed below. <br />Appendix 1 to Loan Contract C150333 <br />Page 1 of 4 <br />
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