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C. Reallocation Participants in accordance with C.R.S. 37-60-122.2. Based upon the <br /> feasibility report, incorporated herein by reference, the CWCB determined the <br /> PROJECT to be technically and financially feasible. <br /> SECTION 3—CWCB's AUTHORITY <br /> Severance Tax Perpetual Base Fund: This loan is made pursuant to the provisions of <br /> §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to <br /> loan money for water projects from the Severance Tax Perpetual Base Fund for the <br /> benefit of the people of the state, provided that the BORROWER assures repayment of that <br /> money. <br /> SECTION 4-BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br /> At its May 22, 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 $1,572,000 <br /> for PROJECT costs with a loan origination fee of 1% in accordance with CWCB Policy No. <br /> 16 resulting in a loan origination fee of$15,720 and a total loan amount of$1,587,720 at <br /> an interest rate of 3.0% per annum for a repayment term of 30 years. <br /> Pursuant to CWCB projects Bill HB14-1333, the Colorado General Assembly authorized <br /> CWCB to loan to the BORROWER a total amount up to $6,453,900 for the Chatfield <br /> Reallocation PROJECT. There will be a total of three (3) CWCB loan contracts. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the DISTRICT has no outstanding obligations <br /> payable from the Water Activity Enterprise revenues; however the District has parity <br /> loans with CWCB in addition to this loan, CWCB LOAN CONTRACT C150404A, and <br /> CWCB Loan Contract C150404B. <br /> SECTION 6-LOAN SECURITY <br /> The SECURITY provided for this loan, as evidenced by the executed SECURITY <br /> AGREEMENT (Appendix 4) and incorporated herein, shall be a pledge of Water Activity <br /> Enterprise revenues backed by a rate covenant and evidenced by annual financial <br /> reporting. <br /> SECTION 7—ADDITIONAL CONDITIONS&CONTRACT REQUIREMENTS <br /> NONE. <br /> SECTION 8—CONSTRUCTION FUND PROGRAM PROCEDURES <br /> A. The BORROWER shall employ or cause the entity that oversees construction of the <br /> Project to employ an engineer, registered in the State of Colorado to prepare plans <br /> Appendix 1 <br /> Page 2 of 5 <br />