CT2015-171 Contract - Laserfiche WebLink

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Project Summary Lower Poudre Augmentation Company SECTION 1 -BORROWER INFORMATION Name: Lower Poudre Augmentation Company Type of Entity: Colorado nonprofit corporation Address: 33040 Railroad Ave., Lucerne, CO 80646 Contact: Dale Trowbridge, General Manager Phone Number: 970-352-0222 E-mail address: dale @newcache.com SECTION 2—PROJECT DESCRIPTION A. Description of PROJECT: The BORROWER applied, to the CWCB, for a loan to be used for the CORNISH WATER RIGHTS PURCHASE, hereinafter referred to as the PROJECT, at a total estimated project cost of$1,279,500. The PROJECT is located in Larimer County. B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report dated March 2015 on the PROJECT, titled "Feasibility of the Lower Poudre Augmentation Company Water Rights Purchase,"which was prepared by Dale Trowbridge with assistance from Peter Boddie of HRS Water Consultants, a consulting engineering firm in Lakewood, Colorado and includes an alternative analysis and a water rights appraisal prepared by A. Bruce Johnson & Associates and is incorporated herein by this reference. Based upon the feasibility report, the CWCB determined the PROJECT to be technically and financially feasible. SECTION 3—CWCB's AUTHORITY Severance Tax Perpetual Base Fund: 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 authorizes the CWCB to loan money for water projects from the CWCB Severance Tax Perpetual Base Fund 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 $10,000,000 from the CWCB's the Severance Tax Perpetual Base Fund without prior approval from the General Assembly. SECTION 4 - BOARD APPROVAL at its May 21, 2015 meeting, the CWCB approved a Small Project Loan, from the Severance Tax Perpetual Base Fund to the BORROWER, in an amount up to $1,151,500 for PROJECT costs. CWCB's loan origination fee of 1%, in accordance with CWCB Policy No. 16, of $11,515 and added to the LOAN CONTRACT, results in a total loan amount of$1,163,015, at an interest rate of 1.75% per annum for a repayment term of 30 years. SECTION 5—SCHEDULE OF EXISTING DEBT As of the date of the CWCB loan approval, the BORROWER has an existing loan with the Colorado Water Conservation Board, Contract#C150245, in the original amount Appendix 1 Page 1 of 3