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<br />(.... <br /> <br />PROJECT SUMMARY <br /> <br />SECTION 1 - BORROWER INFORMATION <br />Name: West Rhone Lateral Ditch Company <br />Address: 2074 I Road <br />Fruita, CO 81521 <br />970-248-0622 <br />fogo@acsol.net <br />Mutual ditch company and a Colorado nonprofit corporation <br /> <br />Phone Number: <br />E-mail address: <br />Type of Entity: <br /> <br />Section 2 - Project Description <br />A. Description of Project: The loan is for rehabilitation of the West Rhone Lateral, <br />which shall consist of construction of a new headgate with concrete intake structure <br />on the south side of the Mainline Canal, just east of Road 21. 6,500 feet of 12-inch <br />plastic pipeline will be laid along Road 21 right-of-way, The new pipeline will tie into <br />the existing 12-inch West Rhone Lateral pipeline 1.25 miles south of the new <br />headgate. Taps will be provided off the new pipeline to deliver water to the <br />shareholders. <br />B. Description of Feasibility Study: Karen Fogelquist, President of the West Rhone <br />Lateral Ditch Company, has completed the Feasibility Study using information <br />provided by Kenny Lang, Louis Hartbauer, and Mark Roskos of the NRCS, Dan <br />Crabtree of the U,S. Bureau of Reclamation also provided technical support. The <br />study includes an assessment of alternatives available for rehabilitation of the West <br />Rhone Lateral. <br /> <br />SECTION 3 - COLLATERAL <br /> <br />Collateral. Part of the security provided for this loan, as evidenced by the executed <br />Assignment of Certificate of Deposit attached as Appendix 5 and incorporated herein, shall <br />be an undivided one hundred percent (100%) interest in a certificate of deposit account <br />established by the BORROWER in the amount of ($4000.00), hereinafter referred to as CD <br />ACCOUNT. The CWCB shall use the funas contained in the CD ACCOUNT for the purpose of <br />paying principal and interest due under this contract not otherwise paid by the BORROWER. <br />Any amount withdrawn by the CWCB for this purpose shall be replenished by the BORROWER <br />within sixty days after such withdrawal. The CWCB shall not disburse any loan funds under <br />this contract until the BORROWER has established the CD ACCOUNT. <br /> <br />SECTION 4 - DISBURSEMENT SCHEDULE <br /> <br />The CWCB shall disburse the full/oan amount to the Borrower in the following increments: <br /> <br />1. 50% of loan amount at award of construction contract <br /> <br />2. 40% at 50% completion of the project as determined by the CWCB staff <br />3. 10% upon substantial completion of the Project as determined by the CWCB staff <br /> <br />Appendix 1 to Loan Contract C150057 <br />