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PROJECT SUMMARY- UPPER PLATTE & BEAVER CANAL - CONTRACT No. C150144 <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Upper Platte and Beaver Canal Company <br /> Federal ID Number: 84-0405195 <br /> Contact: Phil Mortensen, President .}a <br /> Address: P. 0. Box 581 <br /> Brush, CO 80723 c- � <br /> Phone Number: 970-842-2016 (Phil Mortensen) or 070:84650 (Ed Jones) <br /> Type of Entity: Mutual ditch company and Colorado t p fi c po tion <br /> Section 2 — Project Description p <br /> Description of Project: The loan is for construction of a well augmentation project on <br /> Badger Creek in Morgan County consisting of two recharge ponds at a total estimated <br /> cost of $75,000. <br /> Description of Feasibility Study: The CWCB has reviewed a feasibility study report on <br /> the PROJECT prepared by Brent Nation, P.E., and the Borrower, entitled Feasibility of <br /> Reconstruction of the Upper Platte and Beaver Canal Company Badger Creek <br /> Augmentation Project, dated April 2003, which is incorporated herein by reference, and, <br /> based upon the feasibility report, the CWCB determined the PROJECT to be technically <br /> and financially feasible. <br /> SECTION 3 — CWCB's AUTHORITY <br /> Small Project Loan: This loan is made pursuant to the provisions of Sections <br /> 37-60-119 and 37-60-120, C.R.S., which authorizes the CWCB to loan money for water <br /> projects for the benefit of the people of the State, provided that the borrower assures <br /> repayment of that money. <br /> Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br /> $5,000,000 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 May 2003 meeting, the CWCB approved a Small Project Loan from the <br /> Construction Fund to the BORROWER in an amount up to $67,500 for Project costs plus <br /> a 1% loan service charge in the amount of $675 for a total loan amount of$68,175, with <br /> terms of 2.25% per annum for a repayment term of 10 years. At its July 2003 meeting, <br /> the CWCB approved the use of the Borrower's diversion structure located on the South <br /> Platte River as collateral instead of the water recharge project which consisted of <br /> improvements on leasehold property as proposed at the May 2003 meeting. <br /> SECTION 5 — SCHEDULE OF EXISTING DEBT <br /> No existing debt. <br /> Appendix 1 to Loan Contract C150144 <br />