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Project Summary — Grand River Ditch Company — Contract No. <br />C150311 <br />SECTION 1 — BORROWER INFORMATION <br />Name: Grand River Ditch Company <br />Address: 1973 County Road 210, Rifle, CO 81650 <br />Contact: Nella Barker, Secretary- Treasurer <br />Phone Number: 970- 379 -2700 <br />E -mail address: nella @rof.net <br />Type of Entity: a Colorado nonprofit corporation <br />Section 2 — Project Description <br />A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be <br />used for the construction of the Grand River Ditch Pipeline Project, located in <br />Garfield County, hereinafter referred to as the PROJECT, at an estimated total cost <br />of $513,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Feasibility of Piping a Section of the Grand River Ditch," <br />dated May 2010, compiled by Dennis Davidson, Bookcliff Conservation District, with <br />preliminary engineering design and construction cost estimates by Mike Kishimoto, <br />which is incorporated herein by reference, and, based upon the feasibility report, the <br />CWCB determined the PROJECT to be technically and 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 />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 July 2010 meeting, the CWCB approved a Small Project Loan from the Construction <br />Fund to the BORROWER in an amount up to $518,130 for PROJECT costs, not to exceed <br />100% of the cost of the PROJECT, with a loan origination fee of 1% in accordance with <br />CWCB Policy No. 16, at an interest rate of 4.2% per annum for a repayment term of 30 <br />years. <br />SECTION 5 — SCHEDULE OF EXISTING DEBT <br />No existing debt. <br />SECTION 6 - COLLATERAL <br />Appendix 1 to Loan Contract C150311 <br />Page 1 of 4 <br />