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Project Summary - Henrylyn Irrigation District - Contract No. C150252 <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Henrylyn Irrigation District <br /> Address: P.O. Box 85, Hudson, CO 80642 <br /> Contact: Rod Baumgartner, Manager/Secretary <br /> Phone Number: 303-536-4702 Fax Nu <br /> IMO7 <br /> E-mail address: manager@henrylyn.comType of Entity: A Colorado Irrigate 'Airc r aer the Irrigation <br /> District Law of 1905 (C.R.S. 37-41-1 6 <br /> Section 2 — Project Description <br /> A. Description of PROJECT: The BORROWER applied to the CWC or a loan to be <br /> used to repair the outlet works and add toe drains at Horse Creek Reservoir, and <br /> to repair the outlet works at Prospect Reservoir, located in WfiId County, <br /> hereinafter referred to as the PROJECT, at an estimated total cost of$2,403,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> on the PROJECT entitled "Feasibility Study," dated May 2007, compiled by Smith <br /> Geotechnical, which is incorporated herein by reference, and, based upon the <br /> feasibility report, the CWCB determined the PROJECT to be technically and <br /> financially feasible. <br /> SECTION 3—CWCB's AUTHORITY <br /> Severance Tax Trust Fund Perpetual Base Account: This loan is made pursuant to <br /> the provisions of §§ 39-29-109(1)(a)(I), 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 Tax <br /> Trust Fund Perpetual Base Account for the benefit of the people of the state, provided <br /> that the 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 Construction Fund and the State Severance Tax Trust <br /> Fund Perpetual Base Account Fund without prior approval from the General Assembly <br /> SECTION 4-BOARD APPROVAL <br /> At its July 2007 meeting, the CWCB approved a loan from the Severance Tax Trust Fund <br /> Perpetual Base Account to the BORROWER in an amount up to $2,162,700 for PROJECT <br /> costs, not to exceed 90% of the cost of the PROJECT, with a loan origination fee of 1% in <br /> accordance with CWCB Poll No. 16, at an interest rate of 2.25% per annum for a <br /> repayment term of 30 years. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> The Borrower currently has a total outstanding long-term debt of $624,863. The <br /> Borrower has two existing loans with CWCB. The first is a 1980 loan for$653,000 for <br /> the repair of flood damage to the Prospect and Lord Reservoirs, with a remaining <br /> principal amount of $337,240 and annual payments of $28,249 through 2021 (40- <br /> Appendix 1 to Loan Contract C150252 <br /> Page 1 of 4 <br />