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Project Summary - West Reservoir and Ditch Company <br /> SECTION 1 -BORROWER INFORMATION <br /> Name: West Reservoir and Ditch Company <br /> Type of Entity: A Colorado nonprofit corporation <br /> Address: 37200 Stucker Mesa, Hotchkiss, Colorado, 81419 <br /> Contact: Nick Hughes, President <br /> Phone Number: 970-201-1476 <br /> E-mail address: nihughes @starband.net <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 Repair of West Reservoir No.1 Outlet Works ("PROJECT") due to <br /> deterioration of the outlet works conduit, which will be replaced and improvements <br /> made to an intake structure for a manually operated slide gate, trash racks, <br /> downstream stilling basin and an upstream riprap slope. The PROJECT located in <br /> Delta County, hereinafter referred to as the PROJECT, at a total estimated project <br /> cost of$471,577 <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated September, 2014 on the PROJECT, titled "West Reservoir and Ditch Outlet <br /> Repair Project"which was prepared by Nick Hughes, President of West Reservoir <br /> and Ditch Company and is incorporated herein by this 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) G.R.S., authorizes the CWCB to make loans of up to <br /> $10,000,000 from the CWCB's Severance Tax Perpetual Base Fund without prior <br /> approval from the General Assembly. <br /> SECTION 4 - BOARD At its November, 2014 meeting the CWCB approved a Small Project <br /> Loan, from the Severance Tax Perpetual Base Fund to the BORROWER, in an amount up <br /> to $245,919 for PROJECT costs. CWCB's loan origination fee of 1%, in accordance with <br /> CWCB Policy No. 16, of $2,459 added to the LOAN CONTRACT results in a total loan <br /> amount of $248,378 at an interest rate of 2.00% per annum for a repayment term of 30 <br /> years. <br /> Appendix 1 <br /> Page 1 of 4 <br />