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<br />PROJECT SUMMARY - JOHN PEROULlS AND SONS- CONTRACT No. C1 !i0083 <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: John Peroulis and Sons <br /> <br />Address: P,O, Sox 1015 <br /> <br />Craig, CO 81626 <br /> <br />Contact: John Peroulis <br /> <br />Phone Number: 970-824-2314 <br /> <br />Type of Entity: Colorado general partnership <br /> <br />SECTION 2 ;.. PROJECT DESCRIPTION <br /> <br />A. Description of. Project: Rehabilitation and enlargement of the Martin Cull <br />Reservoir dam, located in Moffat County, Colorado. <br /> <br />S, Description of Feasibility Study: The feasibility study was prepared by Brian Len, <br />P,E., of Northwest ColoradO Consuftants, Inc. <br /> <br />SECTION 3 - BOARD ApPROVAL <br /> <br />At its September 25, 2001 meeting, the CWCB found that delaying the rehabilitation of the <br />Martin Cull Reservoir dam would jeopardize crops and result in undue hardship on the <br />BORROWER, and approved a loan from the Small Project Account to the BORROWER in an <br />amount up to $100,000 for rehabilitation of the Martin Cull Reservoir Dam, at an interest rate of <br />. 3.5% per annum for a repayment term of 30 years. As a condition of final loan approval, the <br />CWeB required the BORROWER to provide a favorable credit report from its current lender, a <br />lender's title policy for the~WCB loan, and an appraisal of the property pledged as collateral for <br />tliis loan. The BORROWER has met these three conditions <br /> <br />At its May 20, 2002 meeting, the CWCB approved an additional loan from the Small Project <br />Account to the Borrower in the amount not to exceed $150,000 to rehabilitate and enlarge the <br />Martin Cull Dam, at an interest rate of 2.75% per annum for a repayment terrn-of.30 years. <br /> <br />Board approval of this loan was conditioned upon additional collateral in value equal to the <br />amount of the additional loan amount of $150,000. Bill Whiteman of Professional Agri Service <br />provided a letter dated July 10, 2002, incorporated herein by reference, indicating the value of <br />the property exceeded the additional loan amount. The Board approval was also Conditioned <br />upon final approval of the Construction Fund Bill HB02-1152 wherein 937-60-122(1)(b) was <br />revised to allow CWCB to authorize projects up to $1,000,000 without legislative approval. Bill <br />HB02-1152 was signed into law on May 23, 2002, and said statute became effective upon <br />signature, <br /> <br />SeCTION 4 . COLLATERAL <br /> <br />The security provided for this loan, as evidenced by the executed Deed of Trust attached as <br />Appendix 4 and incorporated herein, shall be an undivided one hundred percent (100%) <br />interest in the following (1) approximately 360 acres of land consisting of the S Y, of the SE y. of <br />Section 8, the SW Y. of the SW Y. of Section 9, the SE y. of the SW Y. of Section 9, the SW Y. <br />of the SE Y. of Section 9, which includes the Martin Cull Reservoir, and the W Y, of the E Y, of <br />Section 17, containing 157.66 acres more or less, and (2) the water rights to fill the reservoir, as <br /> <br />Appendix 1 to Loan Contract C150083 <br />