C150118 Paid in Full Contract

• Contract/PO #: C150118
• Contractor Name: The Kern Resevoir and Ditch company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY— KERN RESERVOIR AND DITCH COMPANY— CONTRACT C150118
SECTION 1 —BORROWER INFORMATION
Name: Kern Reservoir and Ditch Company
Contact: W. Wayne Miller, President
Address: c/o Kenneth F. Lind, Esq.
1011 11th Avenue
Greeley, CO 80631
Phone Number: 970-353-2323 Fax Number: 970-356-1111
Type of Entity: Colorado nonprofit corporation
SECTION 2 — PROJECT DESCRIPTION
Description of PROJECT: The BORROWER operates Kern Reservoir for storage of
irrigation water, as an equalizer reservoir for the Greeley No. 2 Ditch, and for
recreation. The BORROWER applied for a $3,620,000 loan to finance the cost to
dredge out the reservoir to restore the original capacity of 1,800 acre-feet and to
provide additional storage for the 100-year flood (PROJECT) at a total estimated total
cost of $6,160,000.
Description of Feasibility Study: The CWCB has reviewed a feasibilitystudy report on
the PROJECT by Hall-Irwin Construction and Rocky Mountain qobpultants, Inc. entitled
Feasibility Study Kern Reservoir Enlargement, dated August 2002, which is
incorporated herein by reference, and, based upon the feasibility report, the CWCB
determined the PROJECT to be technically and financially feasible.
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SECTION 3 — CWCB's AUTHORITY FI
Construction Fund: This loan is made pursuant to the provisions of§§ 37-60-119 and
37-60-120, C.R.S., which authorize 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 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED)
A. At November 2002 meeting, the CWCB approved a loan to the BORROWER in an
amount up to $3,620,000 at an interest rate of 5.1% per annum for a repayment
term of 30 years or 4.8% for 20 years, at the Borrower's option. The interest rate
for this loan is a blended rate based on municipal high income (4.75%) ownership
of 70 shares and commercial (6.00%) ownership of 30 shares.
B. Pursuant to Bill 5B03-110, Section 1(b), the Colorado General Assembly
authorized CWCB to loan to the BORROWER an amount up to $3,620,000 for the
PROJECT
SECTION 5 — SCHEDULE OF EXISTING DEBT
No existing debt.
Appendix 1 to Loan Contract C150118