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<br />- <br /> <br /> <br />PROJECT SUMMARY - DELTA CANAL COMPANY - CONTRACT No. C1501 08 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: The Delta Canal Company <br />Address: clo Tawna Putney <br />607 Viente <br />Delta, CO 81416 <br />970-874-7407 <br />Colorado nonprofit corporation <br /> <br />Phone Number: <br />Type of Entity: <br /> <br />Section 2 - Project Description <br /> <br />A. Description of PROJECT: The BORROWER applied to me CWCB for a loan to be <br />used for rehabilitation of the Delta Canal system, located in Delta County, <br />hereinafter referred to as the PROJECT, at an estimated total cost of $144,000. <br /> <br />B. Description of Feasibility Study: The CWCS has reviewed a feasibility study report <br />on the PROJECT compiled by the NRCS and completed by the Delta Canal <br />Company, which is incorporated herein by reference, and, based upon the feasibility <br />report, the CWCB determined the PROJECT to be technically and financially feasible. <br /> <br />SECTION 3 - CWCB's AUTHORITY <br /> <br />Small Proiect 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 /> <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 CWCS's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General Assembly <br /> <br />SECTION 4 - BOARD ApPROVAL AND LEGISLATiVe AUTHORIZATION (IF NEEDED) <br /> <br />A. At its May 2002 meeting, the CWCB approved a Small Project Loan to the <br />BORROWER in an amount up to $75,000 at an interest rate of 2.75% per annum for a <br />repayment term of 30 years. <br /> <br />B. Section 37-60-122(1)(b) C.R.S., authorizes the CWeB to make loans of up to <br />$1,000,000 from the CWCS's Construction Fund and the State Severance Tax <br />TrasfFurrd Perp-etualBase Account Fund without prior approval from the General <br />Assembly <br /> <br />SECTION 5. COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />in the form attached as Appendix 5 and incorporated herein, shall be an <br />undivided one hundred percent (100%) interest in canal and certain individual <br />headgates for water users, as more particularly described in the attached Deed of <br /> <br />Appendix 1 to Loan Contract C150108 <br />