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<br />PROJECT SUMMARY - GLENN D. TOYNE - CONTRACT No. C150140 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: 'Glenn D. Toyne <br />Address: 11759 Highway 59 <br />Sedgwick, CO 80749 <br />Contact: Glenn Toyne <br />Phone Number: 970-463-5707 <br />Email: gstoyne@kci.net <br />Type of Entity: Colorado individual <br />. SECTION 2 - PROJECT DeSCRIPTION <br />Description of. PROJECT: The BORROWER oWns approximately 517 acres of <br />irrigated farm ground with eight tributary groundwater wells and the wells are <br />currently augmented under GASP plan of operation. The BORROWER applied for a <br />$75,600 loan to finance up to 75% of the cost of construction a water recharge project <br />consisting of one well and a recharge pond. , The well, drilled near the South Platte <br />River, would pump at a rate of up to 7.8 cfs producing up to 3,500 acre-feet <br />annually to the recharge ponds through 15" underground piping ("PROJECT") at a <br />total cost of approximately $115,000. <br />Description of Feasibility Study: The CWCEl assisted in the preparation of a <br />feasibility study report prepared by the Borrower in conjunction with the Colorado <br />Water Conservation Board entitled Feasibility of Construction of the Glenn Toyne <br />Recharge Project dated February 2003, incorporated herein by reference, and has <br />reviewed said report. Based upon the report, the CWCS determined the PROJECT to <br />be technically and financially feasible. <br />SeCTIoN 3 - CWCB's AUTHORITY <br />Small Project Loan: This loan is made pursuant to the provisions of SS 37-60-119 <br />and 37,60-120, C.R.S., which authorizes tlie CWCB to loan money for water <br />projects for the benefit of the people of the State, provided that the borrower <br />. assures repayment of that money. <br /> <br />Section 37-60-122(1)(b) C,R.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 <br />Trust Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly <br />SeCTION 4 - BOARD APPROVAL <br />At its March 2003, meeting, the CWeEl approved a loan to the BORROWER in an <br />amount up to $75,600 for Project costs, with terms of 2.75% per annum for a <br />repayment term of 30 years plus a 1 % loan service charge in the amount of $756 for <br />a total/oan amount of $76,356. <br />SeCTIoN 5 - COLLATeRAL <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />attached as Appendix 3 and incorporated herein, shall be an undivided one <br /> <br />Appendix 1 to Loan Contract C150140 <br />