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Farmers Reservoir and Irrigation Company July 14, 2009 (UPDATED July 22, 2009) Page 2 of 8 Background Agenda Item 10 The Company operates a ditch and reservoir system extending 3,500 square miles along the Front Range corridor, from Golden to Kersey, Colorado. The system consists of four major reservoirs, numerous smaller reservoirs, and approximately 400 miles of diversion and delivery canals. The system is organized into the four reservoir divisions: Standley Lake, Marshall Lake, Barr Lake and Milton Reservoir. This loan request specifically relates to work to be completed at Milton Reservoir and Barr Lake. Milton Reservoir is located in southern Weld County, Colorado approximately 12 miles north of Hudson and 13 miles south of Greeley. Barr Lake is located along the county line of Adams and Weld Counties. The locations of Milton Reservoir and Barr Lake are shown on the attached data sheet. The main purpose of these reservoirs is water storage for crop irrigation. Both reservoirs are also used to store municipal water. Milton Dam is an earthfill structure constructed in 1910. The dam's crest is approximately 3,000 feet long. Milton Reservoir is fed by the Beebe Seep Canal from the south and the Platte Valley Canal from the west. The reservoir has an approximate storage capacity of 32,300 acre-feet. Barr Lake Dam is also an earthfill structure built in the early 1900s. It has a dam crest of approximately 7,100 feet. Barr Lake is fed by the O'Brian Canal. Ba.rr Lake has a normal operating volume of approximately 32,600 acre-feet and a capacity of approximately 40,500 acre-feet. Loan Feasibility Study The Loan Feasibility Study, "Feasibility Study: Milton Reservoir Spillway and Outlet Works Improvement and Barr Lake Spillway Improvements" dated June 2009, was prepared by Troy Thompson, P.E. of Ecological Resource Consultants, Inc. with assistance from Manuel Montoya, General Manager of the Company, and Geneva Sandusky, Corporate Treasurer for the Company. The study was prepared in accordance with the CWCB guidelines and includes an alternative analysis, engineering design and cost estimates. Farmers Reservoir and Irrigation Company The Company operates as a Colorado mutual ditch company and was formed in 1902. There are currently 8,052 shares issued, with 2,373 shares allocated for the Standley La.ke division, 1,273 shares allocated for the Marshall Lake division, 2,759 shares allocated for the Barr Lake division, and 1,647 shares allocated for the Milton Reservoir division. The Company is managed by a seven-member board of directors. Shareholders must approve assessments, including assessments to pay for any indebtedness. The assessments are set at the Company's annual meeting in November each year or at a special meeting. The Company's bylaws also permit it to cut off delivery of water to delinquent shareholders and sell the stock if assessments are not paid.