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CT2019-2046 Contract
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CT2019-2046 Contract
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Last modified
9/26/2018 11:17:07 AM
Creation date
9/26/2018 11:16:46 AM
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Loan Projects
Contract/PO #
CT2019-2046
Contractor Name
San Luis Valley Canal Company
Contract Type
Loan
Loan Projects - Doc Type
Contract Documents
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APPENDIX 1, PROJECT SUMMARY <br /> Loan Contract Number CT2019-2046 <br /> Section 1 —Borrower's Name <br /> San Luis Valley Canal Company <br /> Section 2—Project Description <br /> A. Description of Project: The Borrower applied to the CWCB for a loan to be used for the San Luis <br /> Valley Canal Headgate Improvement Project("Project"). The Project is a structural and riparian <br /> improvement project that will improve the Company's ability to divert its water right as well as <br /> meet non-consumptive needs of the area by replacing a poorly functioning headgate and <br /> stabilizing streambanks. The total estimated Project Cost is $569,000.00 and is located in Rio <br /> Grande County. <br /> B. Description of Feasibility Study: Emma Reesor, Executive Director, Rio Grande Headwaters <br /> Restoration Project prepared the Loan Feasibility Study titled, "Feasibility Study — San Luis <br /> Valley Canal Implementation Project," dated April 1, 2018. The feasibility study was prepared <br /> in accordance with CWCB guidelines.Chris Pitcher,P.E.,with Riverbend Engineering provided <br /> an analysis of alternatives and engineering cost estimates. Additional engineering cost estimates <br /> were provided by the Natural Resources Conservation Service (NRCS). Financial statements <br /> were provided by the Company. Based upon the feasibility report, the CWCB determined the <br /> Project to be technically and financially feasible. <br /> Section 3—CWCB's Authority <br /> Severance Tax Perpetual Base Fund: This loan is made pursuant to the provisions of§§39-29- <br /> 109(1)(a)(1), 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to loan money for <br /> water projects from the CWCB Severance Tax Perpetual Base Fund for the benefit of the people <br /> of the state,provided that the Borrower assures repayment of that money. <br /> Section 37-60-122(1)(b) C.R.S.,authorizes the CWCB to make loans of up to $10,000,000 from <br /> the CWCB Severance Tax Perpetual Base Fund without prior approval from the General <br /> Assembly. <br /> Section 4-Board Approval <br /> At its May 23,2018 meeting the CWCB approved a Project Loan from the Severance Tax Perpetual <br /> Base Fund to the Borrower, in an amount up to $300,000.00 for Project Costs. CWCB's Loan <br /> Origination Fee of 1%in the amount of$3,000.00 in accordance with CWCB Policy No. 16,added <br /> to the Base Loan Amount results in a Total Loan Amount of$303,000.00 at an interest rate of <br /> 1.45%per annum for a repayment term of twenty(20)years. <br /> Section 5—Schedule of Existing Debt <br /> No other debt,backed by the loan security,described in Section 6 below,exists. <br /> Section 6—Loan Security <br /> The Security for this loan, as evidenced by the executed Security Agreement(Appendix 5) and <br /> incorporated herein, shall be: (i) an irrevocable(but not exclusive)pledge to the CWCB of the <br /> Pledged Revenues in such amount as is necessary to make each annual payment due under this <br /> Loan Contract, (ii) an assessment covenant; and (iii) annual financial reporting and (iv) an <br /> Page 1 of 3 <br /> Contract Number:2019-2046 <br /> Appendix 1 <br />
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