C150168 PIF

• Contract/PO #: C150168
• Contractor Name: The Fulton Irrigating Comapny
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

Project Summary - Fulton Irrigating Ditch Co. - Contract No. C150168
SECTION 1 —BORROWER INFORMATION
Name: The Fulton Irrigating Ditch Company
Address: 25 South 4th Avenue, Brighton, CO 80601
Federal Identification No.: 84-0207950
Contact: Brice Steele, Secretary
Phone Number: 303-659-3171 Fax Number: 303-659-5053
E-mail address: [e-mail]
Type of Entity: a Colorado mutual ditch company nonprofit corporation
Section 2 — Project Description
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be
used for the rehabilitation of the BORROWER'S diversion structure located on the
South Platte River at approximately 100th Avenue, located in Adams County,
hereinafter referred to as the PROJECT, at an estimated total cost of $201,000.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
on the PROJECT entitled "Fulton Irrigating and Ditch Company South Platte River
Diversion Hydraulic Cutoff," dated January 2004, prepared by Tetra Tech RMC,
which is incorporated herein by reference, and, based upon the feasibility report, the
CWCB determined the PROJECT to be technically and financially feasible.
SECTION 3 — CWCB's AUTHORITY
Small Project Loan: This loan is made pursuant to the provisions of §§ 37-60-119 and
37-60-120, C.R.S., which authorizes the CWCB to loan money for water projects for the
benefit of the people of the State, provided that the borrower assures repayment of that
money.
Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to
$5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approval from the General Assembly
SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED)
At its March 2004 meeting, the CWCB approved a Small P +ar•, ; e Severance
Tax Trust Fund Perpetual Base Account to the BORROWER i .u�t 'a tv $170,000 for
PROJECT costs plus $1,700 for the 1% loan service charge f`Or t•` .:*.n amount of
$171,700, with repayment terms 20 years at 2.80° •nujn,,,�(a blended interest rate
based on the composition of the BORROWER'S shar •`t -,a- a s P. '/o - ricultural,
26% municipal and 6% commercial). la,
SECTION 5— SCHEDULE OF EXISTING DEBT
No existing secured debt
SECTION 6 - COLLATERAL
The collateral provided for this loan, as evidenced by the executed Deed of Trust, in
the form attached as Appendix 5 and incorporated herein, shall be an undivided one
Appendix 1 to Loan Contract C150168