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Farmers Reservoir and Irrigation Company Agenda Item 10 July 14, 2009 Page 2 of 8 Background 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, n umerous 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 w ork to be completed at Milton Reservoir and Barr Lake. Milton Reservoir is located in southern Weld County, Colorado approxi mately 12 miles north of Hudson and 13 miles south of Greeley . Barr Lake is located along the county line o f Adams and Weld Count ies . The location s 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 struc ture 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. B arr Lake Dam is also an earthfill st ructure built in the early 1900 s. It has a dam crest of approximately 7,100 feet. Barr Lake is fed by the O’Brian Canal. Barr Lake has a normal operating volume of approximately 32,600 acre - feet and a capacity of approxi mately 40,500 acre - feet. Loan Feasibility Stud y 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 Ecologi cal 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 , 05 2 shares issued , with 2,373 shares allocated for the Standley Lak e 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 delin quent shareholders and sell the stock if assessments are not paid.