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PROJECT SUMMARY <br /> THE SUPPLY IRRIGATING DITCH COMPANY <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: The Supply Irrigating Ditch Company <br /> Type of Entity: A Colorado nonprofit corporation <br /> Address: Guaranty Bank and Trust Building, Second Floor, 401 Main <br /> Street, Longmont, Colorado, 80501 <br /> Contact: Dan Grant, Secretary/Treasurer <br /> Phone Number: 303-776-7207 <br /> Email Address: dan(a�grantbookkeeping.com <br /> SECTION 2—PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan for the <br /> Emergency Supply Ditch Rehabilitation Project, to repair the damage caused by the <br /> 2013 flood event. The BORROWER completed temporary repairs to allow for water <br /> diversions and the purpose of this loan is to the fund permanent repairs ("PROJECT"). <br /> The PROJECT is located in Boulder County and the estimated PROJECT cost is <br /> $321,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated September 17, 2014 on the PROJECT, titled "Emergency Loan Application and <br /> Feasibility Study" which was prepared by Dan Grant, Secretary/Treasurer with <br /> assistance from Mark McLean, P.E., Deere and Ault Consultants and is <br /> incorporated herein by reference. Based upon the feasibility report, the CWCB <br /> determined the PROJECT to be technically and financially feasible. <br /> SECTION 3—CWCB'S AUTHORITY <br /> Severance Tax Perpetual Base Fund: This loan is made pursuant to the provisions of <br /> §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to <br /> loan money for water projects from the CWCB Severance Tax Perpetual Base Fund for <br /> the benefit of the people of the state, provided that the BORROWER assures repayment <br /> 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 State Severance Tax Trust Fund Perpetual Base Account Fund <br /> without prior approval from the General Assembly. <br /> SECTION 4-BOARD APPROVAL <br /> At its November 2014 meeting, the CWCB approved a Small Project Loan from the <br /> Severance Tax Perpetual Base Fund to the BORROWER in an amount up to $321,000 <br /> for PROJECT costs. CWCB's loan origination fee of 1%, in accordance with CWCB <br /> Policy No. 16, of $3,210 added to the LOAN CONTRACT results in a total loan amount of <br /> $324,210, at an interest rate of 2.25% per annum for a repayment term of 30 years with <br /> no payments and zero interest for the first three years followed by 27 years of <br /> amortized payments at the interest rate of 2.25%. <br /> APPENDIX 1 <br /> Page 1 of 4 <br />