PROJ02089

• Contract/PO #: C150199
• Contractor Name: Bijou Irrigation District
• Contract Type: Loan
• Water District: 1
• County: Morgan
• County: Weld
• Loan Projects - Doc Type: Feasibility Study

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total annual cost of$35,002. The remainder of the project cost, the 1 percent loan origination fee, the
loan payments, and the reserve payments have been anticipated and would be absorbed by the normal
operating budget of Bijou Irrigation District. Please see Table 3 for the specific details

Table 3
Financial Summary
Project Cost $740,000
Loan amount (90% of the project cost) $666,000
CWCB Loan Payment amount, including 10% loan reserve $35,002
Number of Acres Assessed 19,176.84
Current Assessment per acre $10.00
Proposed Assessment with CWCB Loan $12.00

Financial statements for the Bijou Irrigation District for the years 2002, 2003 and 2004 can be found in
Appendix C.

Collateral

The Bijou Irrigation District can offer the following collateral for the Colorado Water Conservation Board
loan:

1. The revenue from assessments as outlined by the BID in c.R.S. 37-41-101 to 160.
2. The facilities and infrastructure at the reservoir itself and other properties held by the BID.

Opinion of Feasibilitv

There do not appear to be any drawbacks to the project. Bijou Irrigation District is an entity in the State
of Colorado with the ability to enter into a contract with the CWCB for the purpose of obtaining a
construction fund loan. Bijou Irrigation District currently operates with zero (0) debt.

The project would enable BID to address the concerns voiced by the SEO in regard to Empire Reservoir.
Additionally, a failure in the embankments of Empire Reservoir would severely disrupt water delivery to
a majority of the BID system.

F:\4763 _ OOllFeasibility StudyIFeasibility_Study.rpt.doc

Feasibility Study
Empire Reservoir Spillway Construction

-5-

June 2005
F:\4763 _OOllFeasibility StudylFeasibilily_Study.rpt.doc