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Project Summary — Sterling Irrigation Company <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Sterling Irrigation Company <br /> Type of Entity: a Colorado nonprofit corporation <br /> Address: 519 W. Main Street, Sterling, Colorado 80751 <br /> Contact: Katherine Seetch-Secretary/Treasurer <br /> Phone Number: 970-522-0892 <br /> E-mail address: kseetch @msatax.com <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 Emergency Sterling Ditch Rehabilitation Project ("PROJECT") to repair <br /> the ditch that was damaged during the September 2013 floods and allow the <br /> Sterling Irrigation Company to divert its decreed water rights. The PROJECT Is <br /> located in Logan County. The total estimated project cost is $123,260. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study <br /> report dated July 29, 2014 on the PROJECT, titled "Emergency Loan Application <br /> and Feasibility Study,"which was prepared by Katherine Seetch, Secretary and <br /> Treasurer of the Sterling Irrigation Company and is incorporated herein by this <br /> reference. The study includes an alternative analysis and construction cost. <br /> Based upon the feasibility report, the CWCB determined the PROJECT to be <br /> technically and financially feasible. <br /> SECTION 3—CWCB's AUTHORITY <br /> Severance Tax Perpetual Base Fund: This loan is made pursuant to the <br /> provisions of §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which <br /> authorize the CWCB to loan money for water projects from the CWCB Severance <br /> Tax Trust Fund Perpetual Base Account 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 Severance Perpetual Base Fund without prior <br /> approval from the General Assembly. <br /> SECTION 4-BOARD APPROVAL <br /> At its September 11, 2014 meeting the CWCB approved a meeting the CWCB approved <br /> a Small Project Loan, from the Severance Tax Perpetual Base Fund to the BORROWER, in <br /> an amount up to $100,000 for PROJECT costs not to exceed 80% of the cost of the <br /> PROJECT, with a loan origination fee of 1% in accordance with CWCB Policy No. 16 <br /> resulting in a loan origination fee of $1,000 and a total loan amount of $101,000 at an <br /> interest rate of 1.50% per annum for a repayment term of 10 years. <br /> Appendix 1 <br /> Page 1 of 4 <br />