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<br />PROJECT SUMMARY - RIVERSIDE DITCH- CONTRACT No. C150115 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: The Riverside Ditch and Allen Extension Company <br />Address: P. O. Box 82 <br />Buena Vista, CO 81211 <br />Susan Miller, Secretary-Treasurer <br />719-395-2935 <br />smdm@amigo.net <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 the Riverside Ditch and Allen <br />Extension Ditch for the benefit of its 18 shareholders by delivering water from the <br />Arkansas River for irrigation within a 420-acre service area. The ditch is located <br />about seven miles north of Buena Vista. The ditch needs to be rehabilitated by <br />replacing three trestles that were built in 1940 with new siphon pipelines, <br />maintaining the current ditch capacity of 29 cfs. The NRCS has completed <br />preliminary plans a cost estimate for the project of approximately $67,000. <br />B. Description of Feasibility Study: The CWCB reviewed the feasibility study report <br />entitled Feasibility of Construction of New Siphons. dated July 2002, which is <br />incorporated herein by reference. Based upon the report, the CWCB determined the <br />PROJECT to be technically and financially feasible. <br />SECTION 3 - CWCB's AUTHORITY <br />Small Protect 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) 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 Trust <br />Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly. <br />SECTION 4 - BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br />A. At its July 2002. meeting, the CWCB approved a loan to the BORROWER in an <br />amount up to $50,000 at an interest rate of 2.75% per annum for a repayment term <br />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 /> <br />Appendix 1 to Loan Contract C150115 <br />