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CT2015-161 Contract
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CT2015-161 Contract
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Last modified
6/17/2015 12:03:08 PM
Creation date
4/24/2015 2:49:03 PM
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Loan Projects
Contract/PO #
CT2015-161
CMS74816
Contractor Name
Bennett, Town of
Contract Type
Loan
Water District
1
County
Adams
Arapahoe
Loan Projects - Doc Type
Contract Documents
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Project Summary — Town of Bennett <br /> acting by and through its Water Activity Enterprise <br /> SECTION 1 -BORROWER INFORMATION <br /> Name: Town of Bennett, acting by and through its Water Activity <br /> Enterprise <br /> Address: 355 4th Street, Bennett, Colorado, 80102 <br /> Contact: Trish Stiles, Town Administrator <br /> Phone Number: 303-644-3249 x1009 <br /> E-mail address: tstiles @bennett.co.us <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 for the Well #3 and #6 Replacement Project ("PROJECT")to replace <br /> both wells to continue to provide reliable water to the town's residents, located in Adams <br /> and Arapahoe Counties, hereinafter referred to as the PROJECT, at an estimated <br /> PROJECT COST Of$1,600,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report dated <br /> October 2014 on the PROJECT, titled "Feasibility Study, Town of Bennett, Well#3 and Well <br /> #6 Replacement Project,"which was prepared by Trish Stiles, Town Administrator, with <br /> technical support prepared by Jehn Water Consultants and Pure Cycle corporation and is <br /> incorporated herein by this 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 /> 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 $10,000,000 <br /> from the CWCB's Construction Fund without prior approval from the General Assembly. <br /> SECTION 4 - BOARD APPROVAL At its November 20, 2014 meeting the CWCB approved a Small <br /> Project Loan, from the Construction Fund to the BORROWER, in an amount up to $1,440,000 for <br /> PROJECT costs. CWCB's loan origination fee of 1%, in accordance with CWCB Policy No. 16, of <br /> $14,400 added to the LOAN CONTRACT results in a total loan amount of$1,454,400, at an interest <br /> rate of 3.25% per annum for a repayment term of 30 years. <br /> Appendix 1 <br /> Page 1 of 4 <br />
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