C150382 Contract

• Contract/PO #: CT2015-016
• Contract/PO #: C150382
• Contractor Name: Butte Irrigating and Milling Company
• Contract Type: Loan
• County: Bent
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY
Butte Irrigating and Milling Company
Contract No. C150382
SECTION 1 —BORROWER INFORMATION
Name: Butte Irrigating and Milling Company, a Colorado nonprofit
corporation
Address: 7416 Valmont Road, Boulder, Colorado 80301
Contact: John Ellis, President
Phone Number: 303-440-0750
E-mail address: farmerjohns @wildblue.net
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 Berm Repair to repair damages to the diversion structure and
headworks caused by the 2013 flood event ("PROJECT"). The PROJECT is located in
Boulder County and the estimated PROJECT cost is $275,000.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
dated November 1, 2013 on the PROJECT, titled "Emergency Loan Application and
Feasibility Study, which was prepared by John Ellis, President, Butte Irrigating and
Milling Company, Boulder, Colorado, with assistance from Olsson Associates, 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
Perpetual Base Fund without prior approval from the General Assembly.
SECTION 4-BOARD APPROVAL
At its November 20, 2013 meeting, the CWCB approved a Small Project Loan from the
Severance Tax Perpetual Base Fund to the BORROWER in an amount up to $275,000
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$277,750 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 C150382
Page 1 of 4