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• <br /> Project Summary - Borrower <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Fort Lyon Canal Company <br /> Type of Entity: Mutual Ditch Company and Nonprofit Corporation <br /> Address: 750 Bent Ave., Las Animas, Colorado, 81054 <br /> Contact: Jerred Hoffman, Superintendent <br /> Phone Number: 719-456-0720 <br /> E-mail address: jerred@flcc.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 Replacement of the Horse Creek Flume ("PRoJEcT"). The total <br /> estimated project cost is$2,188,000 and is located in Bent County. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated July 8, 2015 on the PROJECT, titled "Feasibility Study for the Replacement of <br /> the Horse Creek'Flurne,"which was prepared by Steve Jamieson, P.E. of W.W. <br /> Wheeler Associates and is incorporated herein by this reference. The study <br /> includes an analysis of alternatives, a preliminary engineering design, and cost <br /> estimates, in accordance with CWCB guidelines. Based upon the feasibility report, <br /> the CWCB determined the 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 <br /> provisions of §§ 39-29-109(1)(a)(l), 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 Perpetual Base 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 <br /> $10,000,000 from the CWCB's the Severance Tax Perpetual Base Fund without <br /> prior approval from the General Assembly. <br /> SECTION 4-BOARD APPROVAL <br /> At its September 17, 2015 meeting the CWCB approved a Small Project Loan, from <br /> the Severance Tax Perpetual Base Fund to the BORROWER, in an amount up to <br /> $1,613,000 for PROJECT costs. CWCB's loan origination fee of 1% in the amount of <br /> $16,130, in accordance with CWCB Policy No. 16, added to the LOAN CONTRACT <br /> results in a total loan amount of$1,629,130, at an interest rate of 1.75% per annum <br /> for a repayment term of 30 years. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> No other debt, backed by collateral described in Section 6 below, exists. <br /> Appendix 1 <br /> Page 1 of 4 <br />