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<br />PROJECT SUMMARY-G.M.S. LAND & CATTLE-CONTRACT No. C150132 <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: G.M.S. Land and Cattle Company <br />Address: 630 Dogwood <br />Cheyenne WY 82009 <br />Contact: Larry Seitz, Manager/Operator <br />Phone Number: 307-635-8299 Fax Number: 307-635-6984 <br />Email: Larryseitz@aol.com <br />Type of Entity: Colorado limited liability company, owned by three Managers <br /> <br />SECTION 2 - PROJECT DESCRIPTION <br /> <br />Description of PROJECT: The BORROWER owns the Giffin #1 and #2 reservoirs, <br />with a storage capacity of 139.5 acre-feet, are located in Weld County and are <br />used for storage of irrigation water. The Borrower applied for a loan to excavate a <br />total of 105,000 cubic yards of sediment and rehabilitate the upstream slope of <br />each dam to provide aater for its farming and ranching operation during drought <br />periods (PROJECT) at a total estimated cost of $222,896. <br /> <br />Description of Feasibility Study: The CWCB assisted in the preparation of a <br />feasibility study report prepared by Smith Geotechnical entitled Feasibility Study for <br />Giffin Reservoirs #1 and #2 Rehabilitation Project dated January 2003, incorporated <br />herein by reference, and has reviewed said report, Based upon the report, the <br />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 9937-60-119 <br />and 37-60-120, CRS" which authorizes the CWCB to loan money for water <br />projects for the benefit of the people of the State, provided that the borrower <br />assures 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 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 />SECTION 4 . BOARD ApPROVAL <br /> <br />At its January 2003, meeting, the CWCB approved a loan to the BORROWER in an <br />amount up to $200,000, not to exceed 90% of the cost of the PROJECT, with terms of <br />2.75% per annum for a repayment term of 30 years or 2.5% per annum for a <br />repayment term of 20 years (at the BORROWER'S option), plus a 1 % Loan service <br />charge in the amount of $2,000 for a total loan amount of $202,000. <br /> <br />SECTION 5 - COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust, <br />attached as Appendix 4 and incorporated herein, shall be an undivided one <br />hundred percent (100%) interest in approximately 320 acres, as more particularly <br />described in the attached Deed of Trust ("Collateral"). <br /> <br />Appendix 1 to Loan Contract C150132 <br />