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C150112 Paid in Full Documents
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C150112 Paid in Full Documents
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Last modified
9/20/2017 8:53:05 AM
Creation date
9/20/2017 8:52:55 AM
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Loan Projects
Contract/PO #
C150112
Contractor Name
The Kern Resevoir and Ditch company
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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i • <br /> PROJECT SUMMARY — KERN RESERVOIR — CONTRACT NO. Cl 50112 <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Kern Reservoir and Ditch Company <br /> Address: 2319 10th Street <br /> Windsor, CO 80550 <br /> Contact: Wayne Miller, President <br /> Phone Number: 970-686-7476(W) or 7331(H) <br /> Type of Entity: Colorado nonprofit corporation <br /> SECTION 2 — PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER operates the Kern Reservoir for storage <br /> of irrigation water, as an equalizer reservoir for the Greeley Number 2 Ditch, and <br /> for recreation. The reservoir is located in the Town of Windsor, and receives <br /> water from the Cache La Poudre River. The reservoir has been in use for <br /> approximately 100 years during which time it has become silted in to a capacity of <br /> 1,100 acre feet. The Borrower wants to dredge out the reservoir to restore the <br /> original capacity of 1,800 acre-feet and to provide additional storage for the 100- <br /> year flood. The total project cost is estimated at $5,100,000 and work is planned <br /> to start in winter 2002 and take three years to complete. <br /> B. Description of Feasibility Study: Rocky Mountain Consultants, Inc. completed the <br /> feasibility study report entitled Feasibility Study — Kern Reservoir Enlargement, <br /> dated August 2002, which is incorporated herein by reference. Based upon its <br /> review of said report, the CWCB determined tOe PROJECT to be technically and <br /> financially feasible. 2 ) <br /> it/ <br /> f <br /> Ati <br /> SECTION 3 — CWCB's AUTHORITY la... <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 /> $1,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br /> Fund Perpetual Base Account Fund without prior approval from the General <br /> Assembly. <br /> SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br /> A. At its September 2002 meeting, the CWCB approved a Small Project Loan out of <br /> the Construction Fund to the BORROWER in an amount up to $1,000,000, not to <br /> exceed 75% of the cost of the PROJECT, at an interest rate of 5.10% per annum for a <br /> repayment term of 30 years or 4.80% for a repayment term of 20 years, at the <br /> Appendix 1 to Loan Contract C150112 <br />
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