C150317 Contract

• Contract/PO #: CT2015-013
• Contract/PO #: C150317
• Contractor Name: Lake Durango Water Authority
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

Project Summary
CWCB Contract No. C150317
Lake Durango Water Authority
SECTION 1 —BORROWER INFORMATION
Name: Lake Durango Water Authority,
a water authority pursuant to C.R.S. §29-1-204.2
Address: PO Box 657, Durango, Colorado 81302
Contact: Charles Smith/General Manager
Phone Number: 970-247-4062
E-mail address: manager @lakedurango.org
Type of Entity: The Lake Durango Water Authority is a water authority
formed pursuant to and governed by C.R.S. §29-1-204.2.
SECTION 2—PROJECT DESCRIPTION
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to purchase
water and provide the infrastructure to deliver raw water from the Animas-La Plata Project
to Lake Durango Reservoir, hereinafter referred to as the PROJECT. Water will be
pumped from Lake Nighthorse to Lake Durango for use in the Authority's distribution
system. The total cost of the PROJECT is estimated to be $3,000,000 and is located in La
Plata County.
B. Description of Feasibility Study: The CWCB has reviewed the Loan Feasibility Study,
dated April 4, 2011, titled "Lake Durango Water Authority Source Water Supply Loan
Feasibility Study," incorporated herein by reference and prepared by Charles Smith,
General Manager of the Lake Durango Water Authority. The study was prepared in
accordance with the CWCB guidelines. Based upon the feasibility report, the CWCB
determined the PROJECT to be technically and financially feasible.
SECTION 3—CWCB's AUTHORITY
Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 and
37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from the
CWCB Construction 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 Severance Tax Perpetual Base Fund without
prior approval from the General Assembly.
SECTION 4-BOARD APPROVAL
At its May 18, 2011 meeting the CWCB approved a Small Project Loan, from the
Construction Fund to the BORROWER, in an amount up to $2,500,000 for PROJECT costs not
to exceed 90% of the cost of the PROJECT, with a loan service fee of 1% in accordance with
CWCB Policy No.16 resulting in a loan service fee of $25,000 and a total loan amount of
$2,525,000 at an interest rate of 4.00% per annum for a repayment term of 30 years.
Appendix 1 to Loan Contract C150317
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