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Project Summary — The Duke Ditch Company <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: The Duke Ditch Company <br /> Type of Entity: A Colorado nonprofit corporation <br /> Address: 503 North 2nd, Hotchkiss, Colorado 81419 <br /> Contact: Scott Kolb, Secretary/Treasurer <br /> Phone Number: 970-872-3380 <br /> E-mail address: m.duclo@tds.net do Marley Duclo <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 Piping the Duke Ditch Project ("PROJECT") to replace the unlined ditch <br /> with polyvinyl chloride (PVC) pipe. The PROJECT is located in Delta County, at a <br /> total estimated project cost of $749,374.00. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report, <br /> on the PROJECT, dated January 2015, titled "Feasibility of Piping the Duke Ditch," <br /> which was prepared by Beth Karberg, Colorado Department of Agriculture, with <br /> engineering and technical support provided by Shana Harness, NRCS Soil <br /> Conservationist and is incorporated herein by this reference. 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 /> Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 <br /> and 37-60-120, C.R.S., which authorizes the CWCB to loan money for water <br /> projects from the CWCB Construction Fund for the benefit of the people of the <br /> state, provided 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 without prior approval from the <br /> General Assembly. <br /> SECTION 4 - BOARD APPROVAL <br /> At its March, 2016 meeting the CWCB approved a Small Project Loan from the <br /> Construction Fund, to the BORROWER, in an amount up to $90,000.00 for PROJECT <br /> Costs. CWCB's loan origination fee of 1% in the amount of $900.00, in accordance <br /> with CWCB Policy No. 16, added to the LOAN CONTRACT results in a Total Loan <br /> Amount of $90,900.00, at an interest rate of 2.00% per annum for a repayment <br /> term of thirty (30) years. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> No other debt, backed by the loan security, described in Section 6 below, exists. <br /> Appendix 1 <br /> Page 1 of 4 <br />