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. PROJECT SUMMARY - BORROWER - CONTRACT No. C1501 06 SECTION 1 -BORROWER INFORMATION . Name:. The Glenwood Irrigation Company Address: P,O. Box 27 Glenwood Springs, Colorado 81602 Ray Thompson, Corporate Secretary 970-945-6746 sandyj@rot.net Colorado nonprofit corporation Contact: Phone Number: E-mail address: Type of Entity: SECTION 2 - PROJECT DESCRIPTION A, Description of Project: Rehabilitation of the siphon on the Glenwood Ditch located in Garfield County at an estimated cost of $514,250, S., Description of Feasibility Study: The eWCB reviewed a feasibility report on the PROJECT compiled by Mike Kishimoto and Dennis Davidson of the Glenwood Natural Resources Conservation Service, which is incorporated herein by reference, and based upon this feasibility report, the CWCS determined the report meets the requirements of the CWCB Construction Fund Guidelines for feasibility studies, SECTION 3 - BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION A. At its May 2002 meeting, the CWCB approved a loan to the BORROWER in an amount up to $386,000, at an interest rate of 4% per annum for a repayment term of 30 years. B. Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to $1,000,000 from the CWCS's Construction Fund and the State Severance Tax Trust Fund Perpetual Base Account Fund without prior approval from the General Assembly SECTION 4 - COLLATERAL Part of the security 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 the Glenwood Ditch siphon structure, as more particularly described in the attached Deed of Trust, hereafter referred to as the Collateral, SECTION 5 - SCHEDULE OF EXISTING DEBT The only existing debt of the BORROWER is a loan in the amount of $85,000 from the CWCB (Loan Contract C150086 dated March 20,2002). SECTION 6 - DiSBURSEMENT SCHEDULE The BORROWER shall prepare a periodic progress report which contains a statement of the.. PROJECT costs expended for that period and shall.fo/Ward said statement to the CWCB. After receipt of the periodic progress report from the BORROWER, and review and acceptance of the items therein as eligible expenses as described below, the CWCB will pay to the BORROWER the amount set forth in the report or such portion that has been approved by the CWCB, Such payment shall be made within thirty (30) days from the CWCB'sapproval of each progress Appendix 1 to Loan Contract 150106