C150390 Contract

• Contract/PO #: C150390
• Contract/PO #: CT2017-3944
• Contractor Name: Culver Lateral Ditch Company
• Contract Type: Loan
• Water District: 4
• County: Boulder
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY
Culver Lateral Ditch Company
Contract No. C150390
SECTION 1 —BORROWER INFORMATION
Name: Culver Lateral Ditch Company, a Colorado nonprofit
corporation
Address: 157 Baylor Way, Longmont, Colorado 80503
Contact: Dan Grant, Secretary/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 Culver Mahoney Ditch Repair to repair damages to the Culver
Mahoney diversion structure and ditch caused by the 2013 flood event
("PROJECT"). The PROJECT is located in Boulder County and the estimated PROJECT
cost is $150,000.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
dated December 2, 2013 on the PROJECT, titled "Emergency Loan Application and
Feasibility Study" which was prepared by Thomas Dea, P.E. of TZA Water
Engineers, Lakewood, 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 December 2013 meeting, the CWCB approved a Small Project Loan from the
Severance Tax Perpetual Base Fund to the BORROWER in an amount up to $150,000
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 $151,500 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
2.30%.
Appendix 1 to Loan Contract C150390
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