CT2017-3188 Contract

• Contract/PO #: CT2017-3188
• Contractor Name: Chilcott Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY— CHILCOTT DITCH COMPANY
LOAN CONTRACT No. CT2017-3188
SECTION i-BORROWER INFORMATION
Name: Chilcott Ditch Company
Type of Entity: a mutual ditch Company and Colorado nonprofit
corporation
Address: 1845 Woodmoor Drive, Monument, CO 80132
Contact: Jessie Shaffer, Manager
Phone Number: 719-488-2525
E-mail address: [e-mail]
SECTION 2-PROJECT DESCRIPTION
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used
for the Jimmy Camp Creek Siphon Reconstruction (PROJECT), located in El Paso
County, at a total estimated project cost of$575,000.00. The purpose of the PROJECT
is to replace the existing siphon that has reached the end of its service life.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report,
on the PROJECT, dated December 2o16 titled "Feasibility of Reconstruction for the
Chilcott Ditch Jimmy Creek Siphon"which was prepared by John Schwab, P.E. of JPS
Engineering, and is incorporated herein by this reference. Based upon the feasibility
report,the CWCB determined the PROJECT to be technically and financially feasible.
SECTION 3-CWCB's AUTHORITY
Construction Fund: This loan is made pursuant to the provisions of§§37-6o-u9 and
37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects from
the CWCB Construction Fund for the benefit of the people of the state, provided that
the BORROWER assures repayment of that money.
Section 37-6o-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to
$1o,000,000 from the CWCB's Construction Fund without prior approval from the
General Assembly.
SECTION 4-BOARD APPROVAL
At its January 23, 2o16 meeting the CWCB approved a Project Loan from the
Construction Fund,to the BORROWER, in an amount up to 575,000.00 for PROTECT
Costs. CWCB's LOAN ORIGINATION FEE of 1%in the amount of$5,750.00, in accordance
with CWCB Policy No.16, added to the BASE LOAN AMOUNT results in a TOTAL LOAN
AMOUNT of$58o,75o.00,at an interest rate of 2.20%per annum for a repayment term
Of 20 years.
SECTION 5-SCHEDULE OF EXISTING DEBT
As of the date of the CWCB loan approval,the BORROWER has an existing loan with
the Colorado Water Conservation Board, Contract No. mo15-170(C150029),with a
Appendix i
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