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PROJECT SUMMARY — Sanchez Ditch and Reservoir Company Contract No. C150342 SECTION 1 — BORROWER INFORMATION Name: Sanchez Ditch and Reservoir Company Address: PO Box 215, San Acacia, CO 81150 Contact:Jerry Lorenz (President) and Travis Robinson (Manager) Phone Number: 719 - 588 -6385 E -mail address: sanchezditch @gojade.org Type of Entity: a Colorado nonprofit corporation Section 2 — Project Description A. Description of PROJECT: The BORROWER applied to the CWCB for a loan of up to $1,117,600 to be used for the construction of the Sanchez Reservoir Outlet Rehabilitation Project located in Costilla County, hereinafter referred to as the PROJECT. The total cost of the PROJECT is estimated to be $2,032,000. The purpose of the Project is to address the safety and operational management concerns at the reservoir by demolishing the gate tower and modifying the outlet works. B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the PROJECT entitled "Feasibility Study for Sanchez Reservoir Outlet Rehabilitation Plan" dated July 2012, prepared by Duane Smith, P.E. of Smith Geotechnical 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 Construction Fund. This loan is made pursuant to the provisions of §§ 37 -60 -119 and 37 -60 -120, C.R.S., which authorize the CWCB to loan money for water projects from the CWCB Construction Fund 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 Fund without prior approval from the General Assembly. SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION At its September 2012 meeting the CWCB approved a Small Project Loan from the Construction Fund, to the BORROWER, in an amount up to $1,117,600 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 resulting in a total loan amount of $1,128,776. The repayment term of the loan shall be thirty (30) years at an interest rate of 1.75% per annum, the first 5 years of which are interest only. Principal and interest would be paid over the remaining twenty five (25) years. Appendix 1 to Loan Contract C150342 Page 1 of 4