C150112 Contract

• Contract/PO #: C150112
• Contractor Name: Kern Reservoir and Ditch Company
• Contract Type: Loan
• Water District: 1
• County: Weld
• Bill Number: MC3
• Loan Projects - Doc Type: Contract Documents

PROJECT SUMMARY - KERN RESERVOIR - CONTRACT NO. C150112

SECTION 1 -BORROWER INFORMATION
Name: Kern Reservoir and Ditch Company
, ' ,
Address: 2319 101h Street
Windsor, CO 80550
Wayne Miller, President
970-686-7476(W) or 7331 (H)
Colorado nonprofit corporation

Contact:
Phone Number:
Type of Entity:

SECTION 2 - PROJECT DesCRIPTION

A. ,Description of PROJECT: The BORROWER operates the Kern Reservoir for storage "
of irrigation water, as an equalizer reservoir for the Greeley Number 2 Ditch, and
for recreation. The reservoir is located in the Town of Windsor, and receives
water from the Cache La Poudre River. The reservoir has been in use for
approximately 100 years during which time it has become silted in to a capacity of
1,100 acre feet. The Borrower wants to dredge out the reservoir to restore the
original capacity of 1,800 acre-feet and to provide additional storage for the 100-
year flood. The total project cost is estimated at $5,100,000 and iNork is planned
to start in winter 2002 Rnn t~ke three years to complete,

B. Description of Feasibility Study: Rocky Mountain Consultants, Inc. completed the
feasibility study report entitled Feasibility Study - Kern Reservoir Enlargement,
dated August 2002, which is incorporated herein by reference. Based upon its
review of said report, the CWCB determined the PROJECT to be technically and
financially feasible.

SECTION 3 - CWCB's AUTHORITY

Small Proiect Loan: This loan is made pursuant to the provISions of Sections
37.60-119 and 37-60-120. C.R.S., which authorizes, the CWCB to loan money for water
projects for the benefit of the people of the State, provided that the borrower assures
repayment of that money. '

Section 37-60-122(1)(b) C.R.S., authorizes the CWCS to make loans of up to
$1,000,000 from the CWCS's Construction Fund and the State Severance Tax Trust
Fund Perpetual Base Account Fund without prior approval from the General
Assembly. ' , ' '

SECTION 4 . BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED)

A. At its September 2002 meeting, the CWCB approved a Small Project Loan out of
the Construction Fund to the BORROWER in an amount up to $1,000,000, not to
exceed 75% of the cost of the PROJECT, at an interest rate of 5.10% per annum for a
repayment term of 30 years or 4.80% for a repayment term of 20 years, at the

Appendix 1 to Loan Contract C150112