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PROJECT SUMMARY — Ordway Feedyard, LLC - Contract No. C150349 SECTION 1 — BORROWER INFORMATION Name: Ordway Feedyard, LLC. Address: 19424 Colorado Hwy 96, Ordway, CO 81063 Contact: Tyler Karney, Resident Manager Phone Number: 719 - 267 -3551 E -mail address: tyler @ordwayfeedyard.com Type of Entity: Colorado limited liability company Section 2 — Project Description A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used for the construction of the Ordway Feedyard Raw Water Line Extension, consisting of rehabilitation the existing ranch irrigation system and installing additional pipeline and a booster pump station to deliver well water from the River Ranch to the Feedyard, located in Crowley County, hereinafter referred to as the PROJECT, at an estimated total PROJECT cost of $3,381,500. B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report on the PROJECT entitled "Feasibility Study- Ordway Feedyard, LLC," dated January 2013, compiled by Elise M. Bergsten, from Balances Management Services Company, Colorado Springs, with support from Tyler Karney, Resident Manager for the Ordway Feedlot, which is incorporated herein by reference and based upon this 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 At its March 19, 2013 meeting, the CWCB approved a Small Project Loan from the Construction Fund to the BORROWER in an amount up to $2,500,000 for PROJECT costs with $25,000 for the loan origination fee of 1 % of the cost of the PROJECT, resulting in a total loan amount of $2,525,000 with an interest rate of 1.75% per annum for a repayment term of 30 years. This is in accordance with CWCB Policy No. 16. SECTION 5 — SCHEDULE OF EXISTING DEBT None SECTION 6 - COLLATERAL The COLLATERAL provided for this loan, as evidenced by the executed DEED OF TRUST, in the form attached as APPENDIX 5 and incorporated herein, shall be an undivided interest in real property as Appendix 1 to Loan Contract C150349 Page 1 of 3