C150220 PIF Contract

• Contract/PO #: C150220
• Contractor Name: Abbott Ranch
• Contract Type: Loan
• Water District: 1
• County: Elbert
• Loan Projects - Doc Type: Contract Documents

• •
Project Summary — Abbott Ranch — Contract No. C150220
SECTION 1 —BORROWER INFORMATION
Name: Jane Abbott
Address: 35512 Comanche Creek Road, Kiowa, CO 80117
Social Security No.: 506-36-0265
Contact: Cevey Pennington, Ranch Manager
Phone Number: [phone] Fax Number: [phone]
E-mail address: ceveycole @aol.com
Type of Entity: a Colorado individual {
Section 2 — Project Description
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be
used for the replacement of an existing irrigation well for Abbott Ranch, located in
Elbert County, hereinafter referred to as the PROJECT, at an estimated total cost of
$54,388.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
on the PROJECT entitled "Feasibility Study, Abbott Ranch, Kiowa, Colorado" dated
February 2006, compiled by Hamacher Well Works, Inc., and Canfield Drilling Co.,
which is incorporated herein by reference, and, based upon the feasibility report, the
CWCB determined the PROJECT to be technically and financially feasible.
SECTION 3—CWCB's AUTHORITY
Severance Tax Trust Fund Perpetual Base Account: This loan is made pursuant to
the provisions of §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which
authorize the CWCB to loan money for water projects from the CWCB Severance Tax
Trust Fund Perpetual Base Account for the benefit of the people of the state, provided
that the borrower assures repayment of that money.
Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to
$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approval from the General Assembly
SECTION 4 -BOARD APPROVAL
At its March 21, 2006 meeting, the CWCB approved a loan from the CWCB Severance
Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up to $49,440 for
PROJECT costs, not to exceed 90% of the cost of the PROJECT, with a loan origination fee of
1% in accordance with CWCB Policy No. 16, at an interest rate of 2.0% per annum for a
repayment term of 10 years.
SECTION 5—SCHEDULE OF EXISTING DEBT
Wells Fargo Bank, N.A. automobile loan; remaining amount $10,019; annual payment
g 9
$3,744; maturity date January 2009.
Appendix 1 to Loan Contract C150220
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