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Project Summary — Two Rivers Water Company, TRWC, Inc. and Two <br />Rivers Farms F -2, LLC — Contract No. C150328A <br />SECTION 1 — BORROWER INFORMATION <br />Name: Two Rivers Water Company, TRWC, Inc. and Two Rivers <br />Farms F -2, LLC <br />Address: 2000 S. Colorado Blvd., Annex Bldg. Ste. 420, Denver, CO <br />80222 <br />Contact: Wayne Harding, CFO <br />Phone Number: 303 - 222 -1032 <br />E -mail address: wharding @2riverswater.com <br />Type of Entity: a Colorado corporation, a Colorado corporation, and a <br />Limited Liability Company <br />Section 2 — Project Description <br />A. Description Of PROJECT: Two Rivers Water Company applied to the CWCB for a <br />loan to be used for the construction of the Orlando Reservoir Rehabilitation <br />Project, located in Huerfano County, hereinafter referred to as the PROJECT, at an <br />estimated total cost of $1,303,500. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Two Rivers Water Distribution System Rehabilitation <br />Feasibility Study", dated October 2011, prepared by Mike Applegate, P.E., with <br />Applegate Group, Inc., which is incorporated herein by reference, and, based upon <br />the feasibility report, the CWCB determined the PROJECT to be technically and <br />financially feasible. <br />SECTION 3 — CWCB'S AUTHORITY <br />Construction Fund: This loan is made pursuant to the provisions of §§ 37-60 -119 and <br />37 -60 -120, C.R.S., which authorize the CWCB to loan money for water projects from <br />the CWCB Construction Fund for the benefit of the people of the state, provided that <br />the borrower assures repayment of that money. <br />Small Project Loan: This loan is made pursuant to the provisions of §§ 37 -60 -119 and <br />37 -60 -120, C.R.S., which authorizes the CWCB to loan money for water projects for the <br />benefit of the people of the State, provided that the borrower assures repayment of that <br />money. <br />Section 37- 60- 122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly. <br />SECTION 4 - BOARD APPROVAL <br />At its November 2011 meeting, the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER in an amount up to $1,184,882 for PROJECT costs, not <br />Appendix 1 to Loan Contract C150328A <br />Page 1 of 4 <br />