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Project Summary <br /> Uncompahgre Valley Water Users Association <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Uncompahgre Valley Water Users Association <br /> Type of Entity: Colorado nonprofit corporation <br /> Address: 601 Park Avenue, Montrose, CO 81401 <br /> Contact: Steve Fletcher, Manager <br /> Phone Number: 970-249-3813 <br /> E-mail address: sfletcherc@montrose.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 design and construction of the Drop 5 Hydroelectric Project <br /> ("PROJEcT"), located in on Montrose County, hereinafter referred to as the <br /> PROJECT, at a total estimated project cost of$7.7 million. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated March 2015 on the PROJECT, titled "Feasibility of Hydroelectric Generation on <br /> the South Canal at Site #5,"which was prepared by Steve Fletcher, Manager, <br /> Technical support was provided by Ted Sorenson, P.E., Sorenson Engineering, <br /> Idaho Falls, Idaho and is incorporated herein by this reference. In addition, <br /> Sorenson Engineering gathered Hydrological data and modeled energy <br /> generation projections for the PROJECT. Based upon the feasibility report, the <br /> 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 provisions of§§ <br /> 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to loan <br /> money for water projects from the CWCB 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 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 Severance Tax Perpetual Base Fund without prior <br /> approval from the General Assembly. <br /> SECTION 4 - BOARD APPROVAL At its May 21, 2015 meeting the CWCB approved a Small <br /> Project Loan, from the Severance Tax Perpetual Base Fund to the BORROWER, in an <br /> amount up to $6,930,000 for PROJECT costs. CWCB's loan origination fee of 1%, in <br /> accordance with CWCB Policy No. 16, of $69,300 and added to the LOAN CONTRACT, <br /> results in a total loan amount of $6,999,300, at an interest rate of 2.0% per annum for a <br /> repayment term of 20 years. <br /> Appendix 1 <br /> Page 1 of 4 <br />