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<br />PROJECT SUMMARY - LARIMER & WELD - CONTRACT No, C1501 09 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: The Larimer & Weld Irrigation Company <br />Address: POBox 206 <br />Eaton, CO 80615 <br />Donn Engel <br />970-454-3377 <br /> <br />Contact: <br />Phone Number: <br />Type of Entity: <br /> <br />Colorado nonprofit corporation <br /> <br />Section 2 - Project Description <br /> <br />A. Description of PROJECT: The BORROWER applied to the CWCB for a $1,000,000 <br />loan to rehabilitate and replace ten check structures and install one new check <br />structure in the Larimer & Weld Ditch (Eaton Ditch), a main supply canal, located <br />in Weld County, hereinafter referred to as the PROJECT, at an estimated total cost <br />of$1,286,612. <br /> <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT dated May 20, 2002, compiled by Duane Smith of Smith <br />Geotechnical, which is incorporated herein by reference, and, based upon the <br />feasibility report, the CWCB determined the PROJECT to be technically and <br />financially feasible. <br /> <br />SECTION 3 - CWCB's AUTHOR'TY <br /> <br />Small Proiect Loan: This loan is made pursuant to the provIsIons of Sections <br />37-60-119 and 37-60-120. C.R.S.. which authorizes the CWCB to loan money for water <br />projects for the benefit of the people of the State, provided that the borrower assures <br />repayment of that money. <br /> <br />Section 37-60-122(1 )(b) CR.S., authorizes the CWCB to make loans of up to <br />$1,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General Assembly <br /> <br />SECTION 4 - BOARD ApPROVAL AND LEGISLATIVE AUTHOR'ZATlON (IF NEEDED) <br /> <br />A. At its July 2002 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $1,000.000 at an interest <br />rate of 2.75% per annum for a repayment term of 30 years. <br /> <br />B. Section 37-60-122(1)(b) C.R.S.. authorizes the CWCB to make loans of up to <br />51,000,000 from the CWCB's Construction Fund and the State Severance Tax <br />Trust Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly <br /> <br />SECT'ON 5 . SCHEDULE OF EX'STING DEBT <br /> <br />No existing debt. <br /> <br />Appendix 1 to Loan Contract C1501 09 <br />