C150148 PIF

• Contract/PO #: C150148
• Contractor Name: The Ogilvy Irrigating and Land Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY— OGILVY IRRIGATION AND LAND CO. — CONTRACT No. C150148
SECTION 1 —BORROWER INFORMATION
Name: The Ogilvy Irrigating and Land Company
Federal ID Number: 84-0283550
Contact: Joyce Amundson
Address: 822 7th Street, Suite 760
Greeley, CO 80631
Phone Number: 970-352-3161
Type of Entity: Colorado nonprofit corporation
SECTION 2 — PROJECT DESCRIPTION
Description of PROJECT: The BORROWER operates the Ogilvy Ditch and Seely Lake for the
benefit of its 34 shareholders by providing direct flow and storage of water for irrigation of
its 3600-acre service area in Weld County. The BORROWER applied for a loan in the
amount of $350,000 to rehabilitate the Seely Lake Reservoir Dam including rehabilitation
of the outlet system and construction of an emergency spillway (PROJECT) at a total
estimated cost of $388,100.
Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the
PROJECT prepared by Duane Smith of Smith Geotechnical of Fort Collins,,Colorado, entitled
Feasibility Study for Seeley Lake Outlet Rehabilitation Project, dated June 2003, 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 Sections 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 Tr sist Fund Perpetual
Base Account Fund without prior approval from the General Assembly.
SECTION 4 - BOARD APPROVAL 4 `` -;
At its July 2003 meeting, the CWCB approved a Small Project Loan from the Construction
Fund to the BORROWER in an amount up to $350,000 for PROJECT costs plu1"$3,500 for the
1`)/0 loan service charge for a total loan amount of $353,500, with repayment terms of 2.25%
per annum for 20 years.
SECTION 5 — SCHEDULE OF EXISTING DEBT
No existing debt.
SECTION 6 — COLLATERAL
The collateral provided for this loan, as evidenced by the executed Deed of Trust,
attached as Appendix 5 and incorporated herein, shall be an undivided one hundred
percent (100%) interest in Seely Lake as described in the deed of trust.
Appendix 1 to Loan Contract C150148