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<br />~~_.- <br /> <br />PROJECT SUMMARY -LOMA DITCH- CONTRACT No, C150114 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: The loma Ditch and lateral Company <br />Address: P. O. Box 11 <br />loma, CO 81524.0011 <br />Terry Retherford, President <br />970.858.8134 <br />lCF93@aol.com <br />Colorado nonprofit corporation <br /> <br />Contact: <br />Phone Number: <br />Email <br />Type of Entity: <br /> <br />SECTION 2 - PROJECT DESCRIPTION <br />A. Description of PROJECT: The BORROWER operates a carrier ditch in Mesa County <br />for the benefit of its 81 shareholders by delivering irrigation water from the Keiffer <br />Extension to the Grand Valley Irrigation Company for irrigation within an 800-acre <br />area. The Borrower needs to complete its system upgrade by placing the <br />remainder of its ditch (approximately 1.5 miles) in an 80 psi pressurized pipeline at <br />an estimated total cost of $278,041. <br />B. Description of Feasibility Study: The CWCB reviewed the feasibility study report <br />entitled Feasibility of Construction for Lorna Ditch and Lateral Company, which is <br />incorporated herein by reference. Based upon the report, the CWCB detennined the <br />PROJECT to be technically and financially feasible. <br />SECTION 3 - CWCB's AUTHORITY <br />Smalt Project 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 />Section 37.60-122(1)(b) CR.S.. authorizes the eWCB 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 <br />Assembly. <br />SECTION 4 . BOARD ApPROVAL AND lEGISLATIVE AUTHORIZATION (IF NEEDEO) <br />A. At its September 2002, meeting, the CWCB approved a loan to the BORROWER in an <br />amount up to $250.'235, at an interest rate of 2.75% per annum for a repayment <br />tenn of 30 years. <br />B. 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 5 - SCHEOULE OF EXISTING DEBT <br />The BORROWER currently has a loan for previous construction work from the Garlitz. <br />Appendix 1 to Loan Contract C150114 <br />