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PROJECT SUMMARY - SURFACE CREEK DITCH & RESERVOIR COMPANY - CONTRACT No. C150125 SECTION 1 -BORROWER INFORMATION Name: Surface Creek Ditch & Reservoir Company Contact: Ellis Fritchman, President or Chuck Richards, Corp. Secy Address: P. O. Box 399, 125 S Grand Mesa Drive Cedaredge CO 81413 Phone Number: 970-856-3165 Type of Entity: Colorado nonprofit corporation Section 2 - Project Description Description of PROJECT: The BORROWER operates a system of reservoirs on Grand Mesa in Delta County, providing agricultural irrigation water to 2,384 acres in a service area of 6,000 acres. Hotel Twin Reservoir and Dam is a Class 1 Dam with a capacity of 549 acre- feet and a 35-acre surface area. The BORROWER applied for a loan in the amount of $265,000 to finance up to 90% of the cost of rehabilitation of the dam including a chimney drain, blanket drain, toe drain and a new service spillway pipe installed (PROJECT) at a total estimated total cost of $363,500.' . . Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the PROJECT prepared by the Borrower with assistance from the CWCB entitled "Feasibility Study for Hotel Twin Dam Rehabilitation" dated November 2002, which is incorporated herein by reference, and, based upon the feasibility 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 CWCB to make loans of up to $1,000,000 from the CWCB'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) At its November 2002 meeting, the CWCB approved a Small Project Loan to the BORROWER in an amount up to $265,000 at an interest rate of 2.8% per annum for a repayment term of 30 years. The interest rate for this loan is a blended rate based on 94% agricultural ownership of the shares (2.75%) and 6% municipal (low income) ownership (3.75%). SECTION 5 - SCHEDULE OF EXISTING DEBT No existing debt. Appendix 1 to Loan Contract C150125