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PROJECT SUMMARY <br />UPPER PLATTE AND BEAVER CANAL CO. — CONTRACT NO. C150096 <br />SECTION 1 — BORROWER INFORMATION <br />Name: Upper Platte and Beaver Canal Co. <br />Address: P.O. Box 581 <br />Brush, CO 80723 <br />Phone Number: 970 - 842 -2016 (Phil Mortensen) or 970 - 842 -5650 (Ed Jones) <br />Type of Entity: Mutual ditch company and Colorado nonprofit corporation <br />Section 2 — Project Description <br />A. Description of Project: The loan is for rehabilitation work on a diversion structure <br />where shale underneath the concrete foundation has eroded away. The project <br />will rehabilitate the foundation below the existing diversion. <br />B. Description of Feasibility Study: Jack Odor, P.E., of Fort Morgan has drafted the <br />feasibility study using information d by the UPBCC. The study includes an <br />assessment of alternatives avail1 r r i , ation of the UPBCC diversion <br />structure. <br />A . <br />SECTION 3 — BOARD APPROVAL AND L1 JbLAT RIZATION <br />A. At its March 21, 2002, meeting, tla IB approved a loan to the BORROWER from <br />the Emergency Infrastructure elir Account of the Construction Fund In an <br />amount not to exceed $83,00; with terms of 2.25% per annum for a repayment <br />term of 10 years. At said meeting, the CWCB determined that loss of diversion <br />during spring runoff would result in undue hardship on the BORROWER due to its <br />inability to deliver water to its shareholders in summer 2002 without the PROJECT. <br />SECTION 4 - COLLATERAL <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust <br />attached as Appendix 5 and incorporated herein, shall be an undivided one hundred <br />percent (100°/x) interest in the Borrower's diversion structure located on the South Platte <br />River in Morgan County, Colorado, as more particularly described in the attached Deed <br />of Trust, hereafter referred to as the Collateral. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />No other existing debt. <br />SECTION 6 — CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT. <br />B. The BORROWER's and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to the CWCB staff for verification of compliance <br />Appendix 1 to Loan Contract C150096 <br />