PROJ00279

• Contract/PO #: C153572
• Contractor Name: North Poudre Irrigation Company
• Contract Type: Loan
• Water District: 3
• County: Larimer
• Bill Number: HB 85-1042
• Loan Projects - Doc Type: Feasibility Study

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North Poudre, by amendment to a current bill in the Colorado

legislature, has been given approval for additional loans of

approximately $500,000 or 50% of the cost of repairs, whichever

is less, for the repair of Clark Lake, and approximately

$250,000 or 50% of the c~st of repairs 1 whichever is less, for

the repairs to North Poudre Reservoir No.2, with these loans

to be at an interest rate of 5% per annum for a 40-year

repayment term with a cost of approximately $4.50 per share per

year over the 40-year repayment period; and

Whereas North Poudre, as one of the conditions of any

loan from the Colorado Water Conservation Board, must also be

able to pay the remaining one-half of the costs of repairs of

North Poudre Reservoir No. 15, Clark Lake, and North Poudre

Reservoi,r No.' 2, and if not !:aised by assessments, this amount

of money would have to De borrowed from some other commercial

source; and

Whereas the North Poudre Board of Directors knows

that assistance from the Colorado Water Conservation Board is

not, easy to obtain because of the number of applicants and

believes there will be a savings of substantial interest costs

by reducing the amount of !lIoney which must be borrowed at

commercial rates by The North Poudre Irrigation Company to pay

for repairs to North Poudre ~eservoir No. 151 Clark Lake, and

North Poudre Reservoir No.2; and

Whereas the Stockholders should know the North Poudre

Board of Directors has also recognized that there is

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