C150333 PIF

• Contract/PO #: C150333
• Contractor Name: Montezuma Valley Irrigation Company
• Contract Type: Loan
• Loan Projects - Doc Type: Repayment Information

Project Summary — Montezuma Valley Irrigation Company — Contract
No. C150333
SECTION 1 —BORROWER INFORMATION
Name: Montezuma Valley Irrigation Company
Address: P.O. Box 1056, Cortez, CO 81321
Contact: Don Magnuson, Manager
Phone Number: 970-565-3332
E-mail address: [e-mail]
Type of Entity: a Colorado nonprofit corporation
Section 2 — Project Description
A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be
used for the construction of the Lone Pine and May Pipeline Improvements
Project, located in Montezuma County, hereinafter referred to as the PROJECT, at
an estimated total cost of$472,500.
B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report
on the PROJECT entitled "Loan Feasibility Study: Lone Pine and May Pipeline
Improvements," dated January 2012, prepared by the Applegate Group, Inc., 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
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 37-60-122(1)(b) C.R.S., authorizes the CWCB < , up to
$10,000,000 from the CWCB's Construction Fund and the ' ;te • x Trust
•
Fund Perpetual Base Account Fund without prior approval from the - - . sembly.
SECTION 4- BOARD APPROVAL F
At its March 2012 meeting, the CWCB approved l .'ec a e+ e
Construction Fund to the BORROWER in an amount up to $338,603 for PROJECT costs, not to
exceed 90% of the cost of the PROJECT, with a loan origination fee of 1% in accordance with
CWCB Policy No. 16, at an interest rate of 2.75% per annum for a repayment term of 30
years.
SECTION 5—SCHEDULE OF EXISTING DEBT
CWCB has an existing loan to Borrower secured by a first-position lien on Borrower's
assessment revenues, with an original principal amount of $2,979,825, interest at
2.25% per annum, and a term of 30 years. This lien is on a parity basis with the
DWCD obligations listed below.
Appendix 1 to Loan Contract C150333
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