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APPENDIX 1, PROJECT, SUMMARY <br /> Loan Contract Number T2019-2099 <br /> Section 1 —Borrower's Name <br /> Ogilvy Irrigating and Land Company <br /> Section 2—Project Description <br /> A. Description of Project: The Borrower applied to the CWCB for a loan tc be used for the Seeley <br /> Reservoir Dredging("Project"). The purpose of the roject is to improv: the irrigation supply to <br /> farms served under the Ogilvy Ditch system b removing deposit•d sediment in Seeley <br /> Reservoir. The total estimated Project Cost is $3,667,740.00 and is locard in Weld County. <br /> B. Description of Feasibility Study: Douglas C. Seely, P.E., with the NO CO Engineering, Inc., <br /> prepared the Loan Feasibility Study titled, "Fe ibility Study of the Seeley Reservoir <br /> Maintenance Dredging,"dated February 2018. Thefeasibility study was prepared in accordance <br /> with CWCB guidelines and included an analysis o alternatives, preli iinary engineering, and <br /> engineering cost estimate. Financial statements wer provided by Mani: Siebring, CPA. Based <br /> upon the feasibility report, the CWCB determined a Project to be tec ically and financially <br /> 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 C ' CB to loan money for <br /> water projects from the CWCB Severance Tax Perp ual Base Fund for 1 e benefit of the people <br /> of the state,provided that the Borrower assures reps ent of that money. <br /> Section 37-60-122(1)(b) C.R.S.,authorizes the CW B to make loans of p to $10,000,000 from <br /> the CWCB Severance Tax Perpetual Base Fund ithout prior approval from the General <br /> Assembly. <br /> Section 4 -Board Approval <br /> At its May 23,2018 meeting the CWCB approved a Pr ject Loan from the ',everance Tax Perpetual <br /> Base Fund to the Borrower, in an amount up to $2,2 2,000.00 for Project Costs. CWCB's Loan <br /> Origination Fee of 1% in the amount of$22,520.00 in accordance with CWCB Policy No. 16, <br /> added to the Base Loan Amount results in a Total L an Amount of$2 74,520.00 at an interest <br /> rate of 1.70%per annum for a repayment term of thirty(30)years. <br /> Section 5—Schedule of Existing Debt <br /> As of the date of the CWCB loan approval,the Borrower has an existing loan with CWCB,that is <br /> in good standing. <br /> Lender Original Current Annual Maturity Collateral <br /> Balance Balance Payment Date <br /> Assessment <br /> CWCB (C150148) $353,500 $26,872 $22,143 2019 Covenant/Property <br /> Total $26,872 <br /> Page 1 of3 <br /> Contract Number:2019-2099 <br /> Appendix 1 <br />