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<br />PROJECT SUMMARY -ApPLETON NORTHWEST LATERAL- CONTRACT <br /> <br />No. C150088 <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: Appleton Northwest (ML 369) Lateral and DrainageCorporation <br /> <br />Address: 878 22 Road <br /> <br />Grand Junction, CO 81505 <br /> <br />Phone Number: 970-243-5370 <br /> <br />Contact: Roger Warren, President <br /> <br />Type of Entity: Colorado nonprofit corporation <br /> <br />Section 2 - Project Description <br /> <br />A. Description of Project: Rehabilitation of the Appleton Northwest Lateral located in <br />Mesa County, consisting of construction of a new head gate on the GVIC Main <br />Line, and placement of 16,850 feet of open ditch in pressurized plastic pipeline. <br />The system will be rehabilitated in two phases. Phase 1 will consist of the <br />head gate and the upper portion of the lateral. Phase 2 will consist of the lower <br />portion of the lateral. The new system will have a capacity of 5 cfs, and taps will <br />be provided for individual water users, A piped drainage system will also be <br />constructed to solve flooding problems. <br /> <br />S. Description of Feasibility Study: The CWCS reviewed a feasibility report on the <br />Project titled "Feasibility of Rehabilitation of the Appleton Northwest Lateral (ML <br />369)" completed by Appleton Northwest (ML 369) Lateral and Drainage <br />Corporation, which is incorporated herein by reference, and based upon this <br />feasibility report, the CWCS determined the report meets the requirements of the <br />CWCS Construction Fund Guidelines for feasibility studies. <br /> <br />SECTION 3 - BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION <br /> <br />A. At its January 23-24, 2002, meeting, the CWCS approved a loan to the BORROWER in an <br />amount up to $100,000, at an interest rate of 2.75% per annum for a repayment term of 30 <br />years, <br /> <br />B. Section 37-60-122.7, C.R.S., authorizes the CWCS to make loans of up to $100,000 <br />from the Small Project Loan Account of the Construction Fund without prior approval <br />from the General Assembly if the CWCS determines that delay would result in undue <br />hardship on the borrower. The CWCB did make such determination at said meeting. <br /> <br />SECTION 4 - COLLATERAL <br /> <br />Part of the security provided for this loan, as evidenced by the executed Deed Qf Trust <br />attached as Appendix 5 and incorporated herein, shall be an undivided one hundred percent <br />(100%) interest in the Appleton Northwest Lateral and headgate at the Grand Valley Irrigation <br /> <br />Appendix 1 to Loan Contract C150088 <br />