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Project Summary — Fulton Irrigating Ditch Company <br /> Contract No. C150399 <br /> SECTION 1 -BORROWER INFORMATION <br /> Name: Fulton Irrigating Ditch Company <br /> Type of Entity: Colorado nonprofit corporation <br /> Address: 25 South 4th Ave., Brighton, CO 80601 <br /> Contact: Brice Steele <br /> Phone Number: 303-659-3171 <br /> E-mail address: brice @steelepc.com <br /> SECTION 2—PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used for <br /> the construction of the Diversion Structure Rehabilitation Project, located in Adams <br /> County, hereinafter referred to as the PROJECT. The purpose of the Project is to replace <br /> the BORROWER'S South Platte River diversion gates, rehabilitate the existing trash rack <br /> and reconstruct the Branch Ditch Diversion Structure on the Fulton Ditch. The total <br /> estimated project cost is $2,230,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report dated <br /> March 31, 2014 on the PROJECT, titled "Rivergate Replacement, Trash Rack Cleaning <br /> System and Branch Ditch Diversion Reconstruction-Feasibility Study" which was prepared <br /> by Colby Hayden, P.E. of Deere and Ault Consultants, Inc., located in Longmont, <br /> Colorado, Financial statements were prepared by Buckner Wadsworth &Assoc. LLP, and <br /> assistance was provided by Bryce Steele. P.C., Company Secretary/Treasurer. The <br /> feasibility study is incorporated herein by reference. Based upon the feasibility report, the <br /> 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 and <br /> 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from the <br /> CWCB Construction Fund for the benefit of the people of the state, provided that the <br /> 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 without prior approval from the <br /> General Assembly. <br /> SECTION 4-BOARD APPROVAL <br /> At its May 22, 2014 meeting the CWCB approved a Small Project Loan, from the Construction <br /> Fund to the BORROWER, in an amount up to $2,007,000 for PROJECT costs with a loan service fee <br /> of $20,070 and a total loan amount of $2,027,070 at an interest rate of 2.45% per annum for a <br /> repayment term of 30 years. <br /> Appendix 1 to Loan Contract C150399 <br /> Page 1 of 4 <br />