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<br />PROJECT SPONSOR <br /> <br />GENERAL <br /> <br />Beaver Reservoir is located approximately 9 miles southeast of <br />paonia, Colorado, as shown on Figure 1-1. It is owned and operated <br />by the Beaver Reservoir company (BRC), the stock of which is held <br />by Minnesota Canal and Reservoir Company, the Turner Ditch Company, <br />and the Lone Cabin Ditch and Reservoir Company. The reservoir is <br />used to store and regulate release of water for irrigation of about <br />3,400 acres of agricultural land in the paonia area. <br /> <br />HISTORY OF THE ORGANIZATION <br /> <br />The Beaver Reservoir Company (BRC) was incorporated on <br />September 28, 1956, under the laws of the State of Colorado as a <br />Colorado nonprofit corporation. Beaver Reservoir was constructed <br />by the BRC in 1958 and is the only water supply facility presently <br />owned and operated by the BRC. <br /> <br />The BRC office is located in paonia, Delta County, Colorado. <br />There is a total of 1,600 shares comprising the company. The <br />Minnesota Canal and Reservoir Company owns 900 shares, Turner Ditch <br />Company owns 400 shares, and Lone Cabin Ditch and Reservoir Company <br />owns 300 shares. A copy of the Certificate of Incorporation is <br />presented in Appendix A, and the Bylaws are presented in Appendix <br />B. <br /> <br />POWERS AND AUTHORITIES OF THE ORGANIZATION <br /> <br />The BRC is a nonprofit corporation, and as such, the company's <br />powers and authorities are designated by statute and by its Bylaws. <br />As a corporation, the Company has the authority to enter into <br />contractual arrangements and the authority to grant a lien, second <br />in priority on the reservoir real property to the Colorado Water <br />Conservation Board (CWCB), who currently holds the first lien <br />thereon. The Company has the authority to make an assessment on <br />the stock in the company. <br /> <br />Officers of the Beaver Reservoir Company are listed below: <br />Cecil Farnsworth, President <br />Tim Schneider, Vice-President <br />James R. Briscoe, Secretary/Treasurer <br /> <br />FINANCIAL STATUS <br /> <br />Copies of the BRC Annual Reports for 2000 through 2003, <br />inclusive, are contained in Appendix F. The annual reports <br />indicate that the average operation and maintenance costs are <br />approximately $8,000 per year. The BRC also has an outstanding <br />CWCB loan with a payment requirement of $17,186.87 per year. <br /> <br />Page 7 of 15 <br />