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Joseph W. Bowles Reservoir Company <br />May 12, 2009 (UPDATED May 22, 2009) <br />Page 3 of 6 <br />Feasibility Studies <br />Agenda Item 17c <br />The Loan Feasibility Study was prepared by Judy Simonson, Manager/Secretary/Treasurer of the <br />Company with technical assistance from James Ferentchak, P.E., of W.W. Wheeler and <br />Associates, Inc. The study was prepared in accordance with the CWCB guidelines and includes <br />an alternative analysis, engineering design and cost estimates. <br />In addition, the Company commissioned two recent studies of the dam. In 2006, the Company <br />commissioned Basepoint Design, a geotechnical engineering firm, to provide an independent <br />dam-safety review and inspection of the dam. In 2007, the Company retained Kumar and <br />Assoc., Inc., geotechnical engineers, to prepare a geotechnical study and subsurface investigation <br />with respect to seepage and slope stability, and to develop technical recommendations for <br />proposed improvements to the dam. Results and recommendations of these investigations were <br />incorporated into the loan feasibility study. <br />Joseph W. Bowles Reservoir Company <br />The Company is a mutual ditch and reservoir corporation organized under the laws of the State <br />of Colorado. The Company was formed in 1906. The Company is managed by a five-member <br />board of directors. The board has the power to incur indebtedness and to enforce the payment of <br />all assessments. The board has the authority to make assessments on stock with shareholder <br />approval. The Company's bylaws also permit it to foreclose on shareholders with delinquent <br />assessments. Currently there are 424.26 shares of stock held by stockholders. Ownership of <br />these shares is a mix of individual home owners, commercial interests, parks and recreation and <br />metropolitan districts. <br />Water Rights <br />The water rights for the Reservoir were decreed as part of the Bowles Reservoir System. The <br />system is made up of four reservoirs: Bowles No. 1 Reservoir, Patrick/Bennett Lake, Upper Tule <br />Lake and Lower Tule Lake. The water rights, as noted in Table 1, were decreed as part of an <br />overall operating system between all four of these reservoirs. In 1985, the Patrick/Bennett <br />Reservoir Company was formed as a spinoff of the Joseph W. Bowles Reservoir Company. <br />Patrick/Bennett Reservoir Company owns and operates Patrick/Bennett Lake, Upper Tule Lake <br />and Lower Tule Lake. The Bowles Na 1 Reservoir has a defined storage capacity and a pro rata <br />interest in the original storage diversion decrees. <br />