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Lower Latham Reservoir Company July 11-12, 2007 Agenda Item 15b to provide augmentation water for its well users. Lower Latham Reservoir COmpany The LLRC is a Colorado non-profit corporation registered in the State of Colorado, in good standing. The Company was incorporated in August 1898, for the purpose of providing water storage, and there are currently 48 shareholders and 156 shares of stock. The LLRC office is located in Greeley. The Company is governed by a 5-member Board of Directors. Per its Bylaws, the LLRC has the authorization to set annual assessments, the authority to shut off water delivery to shareholders that fail to pay assessments, and the authority to rescind and resell shareholder stock to pay back assessments. The Board of Directors has the power and authority to borrow money on the company's behalf and enter into contracts. For the year 2006, the LLRC had income of approximately $687,000 with expenses of approximately $387,000. Approximately 90% of the LLRC revenues are from oil and gas royalties from wells that are located on LLRC property. The LLRC does not currently levy a shareholder assessment. Water Riahts The purchase consists of 6 shares of LLDC. Average annual diversions for 6 shares of LLDC are 1,202 AF, with a 961 AF delivery. The LLDC direct flow rights consist of the following: Flow cfs 20.4 35.77 97.68 133.88 35.0 Appropriation Date 5/12/1869 12/12/1874 11/14/1877 10/24/1881 3/1/1889 Adjudication Date 4/28/1883 4/28/1883 4/28/1883 4/28/1883 7/8/1893 Project Description In addition to the subject water rights acquisition of 6 LLDC water shares, described above, the LLRC has recently implemented a flow measuring and monitoring system to facilitate the operation of the Lower Latham ditch and reservoir system and to facilitate the operation and administration of the plan for augmentation. The system includes a total of 10 measurement sites, 2 of which are located at the Lower Latham Reservoir inlet and outlet channels, 2 of which are located at delivery points for delivering augmentation water to the river, and 6 of which are located at various locations on the main channel of Lower Latham Ditch. Each site includes a measurement sensor, datalogger, and radio transmitter for transmitting data to a base station at the superintendent's house. The costs for this system are included in the loan request. The Total Project cost is estimated to be: 1. Engineering/Appraisal $ 11,900 2. Construction - Measuring Equipment 81,370 3. Water Rights Purchase - Rothe 1,575,000 4. Water Rights Purchase - Dejong 441,525 5. Water Acquisition Costs 84.480 TOTAL $2,'194,275 Schedule - The water rights acquisitions have already occurred using short-term bridge financing. These obligations will be fulfilled following the availability of CWCB funds. 30f5