Laserfiche WebLink
Project Summary — Louden Irrigating Canal & Reservoir Company <br /> Contract No. C150398 <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Louden Irrigating Canal & Reservoir Company <br /> Type of Entity: A Colorado nonprofit corporation <br /> Address: 8109 South County Road, Fort Collins, Colorado 80528 <br /> Contact: Dale Leach, President <br /> Phone Number: 970-420-8201 <br /> E-mail address: dleach@telesto-inc.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 construction of the Emergency Diversion Structure and Ditch Repair <br /> to restore the condition of the diversion dam and ditch to pre-flood conditions or <br /> better. The PROJECT, at a total estimated project cost of $215,000, hereinafter <br /> referred to as the PROJECT, is located in Larimer County. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated March 31, 2014 on the PROJECT, titled "Emergency Loan Application and <br /> Feasibility Study"which was prepared by Dale Leach, President of the Louden <br /> Irrigating Canal & Reservoir Company, with assistance from Walter Niccoli, P.E., <br /> Telesto Solutions Inc,. and is incorporated herein by reference. Based upon the <br /> feasibility report, the CWCB determined the PROJECT to be technically and <br /> 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 May 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$160,000 <br /> for PROJECT costs. CWCB's loan origination fee of 1%, in accordance with CWCB <br /> Policy No. 16, of$1,600 added to the loan amount results in a total loan amount of <br /> $161,600 for 30 years at the interest rate of 2.70%. <br /> Appendix 1 to Loan Contract C150398 <br /> Page 1 of 4 <br />