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PROJECT SUMMARY - THE SPRING DALE DITCH CO. - CONTRACT No. C150145 SECTION 1 -BORROWER INFORMATION Name: The Spring Dale Ditch Company FederallD Number: 84-0414052 Contact: Leon Fritzler, President Address: P. O. Box 109 Sterling, CO 80751 Phone Number: 970-522-5914 (Leon Fritzler) or 970-522-4202 (Ken Fritzler) Type of Entity: Mutual ditch company and Colorado nonprofit corporation Section 2 - Project Description Description of Project: The loan is for construction of a well augmentation project in Logan County consisting of two new recharge ponds, an existing unused recharge pond with a small pumping station installed in the ditch to lift water, two wells drilled next to the riverbank and piped back to the ditch, and one augmentation well at a totaf estimated cost of $135,000. Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the PROJECT prepared by Brent Nation, P.E., entitfed Feasibility of Construction of The Spring Dale Ditch Company Augmentation Project, dated May 2003, 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 Project 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 Joan 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 $5,000,000 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 At its May 2003 meeting, the CWCB approved a Small Project Loan from the Construction Fund to the BORROWER in an amount up to $121,500 for Project costs plus a 1% loan service charge in the amount of $1,215 for a total loan amount of $122,715, with terms of 2.75% per annum for a repayment term of 30 years or 2.5% for 20 years, at the Borrower's option. At its July 2003 meeting, the CWCB approved the use of the Borrower's diversion structure located on the South Platte River as collateral instead of the water recharge project which consisted of improvements on leasehold property as proposed at the May 2003 meeting. Appendix 1 to Loan Contract C150145