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PROJECT SUMMARY — Santa Maria Reservoir Company <br />Contract No. C150350 <br />SECTION 1 — BORROWER INFORMATION <br />Name: Santa Maria Reservoir Company <br />Address: PO Box 288, Monte Vista, CO 81144 <br />Contact: Jay Yeager <br />Phone Number: 719 - 852 -3556 <br />E -mail address: pleasant(aD-goiade.orq and rgciey(c- qmail.com <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 of up to <br />$1,405,163 to be used for the construction of the Santa Maria Siphon and Canal <br />System Rehabilitation Project to make improvements to the siphon and <br />conveyance system that delivers water to the Santa Maria Reservoir, hereinafter <br />referred to as the PROJECT. The PROJECT is located Mineral County and the total <br />cost of the PROJECT is estimated to be $1,855,000. <br />B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br />on the PROJECT entitled "Phase 1 -Santa Maria Rehabilitation Initiative dated January <br />30, 2013, prepared by Ed Toms, P.E. of URS Corporation, which is incorporated <br />herein by reference, Based upon the feasibility report, the CWCB determined the <br />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 <br />and 37 -60 -120, C.R.S., which authorize the CWCB to loan money for water projects <br />from the CWCB Construction Fund for the benefit of the people of the state, <br />provided that 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 <br />Trust Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly. <br />SECTION 4 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br />At its March 2013, meeting the CWCB approved a Small Project Loan from the <br />Construction Fund to the BORROWER, in an amount up to $1,391,250 for PROJECT <br />costs not to exceed 90% of the cost of the PROJECT, with a loan origination fee of <br />1% in accordance with CWCB Policy No. 16 resulting in a total loan amount of <br />$1,405,163. The repayment term of the loan shall be thirty (30) years at an interest <br />rate of 1.75% per annum. <br />Appendix 1 to Loan Contract C150350 <br />Page 1 of 4 <br />