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PROJECT SUMMARY — Santa Maria Reservoir Company <br /> Contract No. C150365 <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Santa Maria Reservoir Company, a mutual reservoir corporation <br /> under C.R.S. §7-42-101 et seq. and a Colorado nonprofit corporation <br /> Address: PO Box 288, Monte Vista, CO 81144 <br /> Contact: Jay Yeager <br /> Phone Number: 719-852-3556 <br /> E-mail address: pleasant(c�gojade.org and rgcieyRgmail.com <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 of up to <br /> $3,071,663 to rehabilitate the Continental Dam and restore the full storage <br /> capacity of the reservoir, hereinafter referred to as the PROJECT. The purpose of <br /> the PROJECT is to address seepage and repair the spillway of the Continental <br /> Reservoir in order to lift a State Engineers Office (SEO) imposed dam safety <br /> storage restriction. The PROJECT is located in Hinsdale County and the total cost of <br /> the PROJECT is estimated to be $4,055,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> on the PROJECT entitled "Phase 2-Santa Maria Rehabilitation Initiative, Continental <br /> Dam Rehabilitation Project"dated July 1, 2013, prepared by Ed Toms, P.E. of URS <br /> Corporation, which 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 <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, <br /> provided 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 <br /> Trust Fund Perpetual Base Account Fund without prior approval from the General <br /> Assembly. <br /> SECTION 4-BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br /> At its September 2013, meeting, the CWCB approved a Small Project Loan from <br /> the Construction Fund to the BORROWER, in an amount up to $3,041,250 for <br /> PROJECT, with a loan origination fee of 1% in accordance with CWCB Policy No. 16, <br /> resulting in a total loan amount of$3,071,663. The repayment term of the loan shall <br /> be thirty (30) years at an interest rate of 1.75% per annum. <br /> Appendix 1 to Loan Contract C150365 <br /> Page 1 of 4 <br />