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Project Summary — Farmers Pawnee Canal Company — Contract No. C15272 SECTION 1 — BORROWER INFORMATION Name: Farmers Pawnee Canal Company Address: 16911 County Road 39, Sterling, CO 80751 Contact: John Guenzi Phone Number: 970 - 520 -0077 E -mail address: jlguenzi @msn.com Type of Entity: a Colorado nonprofit corporation Section 2 — Project Description A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used for the Ditch Flow Control Structures Project, located in Logan County, hereinafter referred to as the PROJECT, at an estimated total cost of $250,000. B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the PROJECT entitled "Feasibility of the Rehabilitation of the Farmers Pawnee Canal Company Ditch Flow Control Structures," dated July 2008, compiled by Brent Nation, P.E., 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 Severance Tax Trust Fund Perpetual Base Account. This loan is made pursuant to the provisions of §§ 39- 29- 109(1)(a)(1), 37 -60 -119 and 37-60 -120, C.R.S., which authorize the CWCB to loan money for water projects from the CWCB Severance Tax Trust Fund Perpetual Base Account 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 $10,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust Fund Perpetual Base Account without prior approval from the General Assembly. SECTION 4 - BOARD APPROVAL At its September 2008 meeting, the CWCB approved a loan from the Severance Tax Trust Fund Perpetual Base Account to the BORROWER in an amount up to $225,000 for PROJECT costs, not to exceed 90% of the cost of the PROJECT, with a loan origination fee of 1% in accordance with CWCB Policy No. 16, at an interest rate of 2.5% per annum for a repayment term of 30 years. SECTION 5 — SCHEDULE OF EXISTING DEBT June 18, 2008 CWCB loan for $22,250, with a term of 10 years at 3.5% per annum. One annual payment is remaining. SECTION 6 - COLLATERAL Appendix 1 to Loan Contract C150272 Page 1 of 3