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Left Hand Ditch Company Agenda Item 8b October 18, 2013 (Updated October 21, 2013) Page 2 of 7 Background The Company owns five reservoirs containing about 4,800 acre feet (AF) of water: Lake Isabell, Left Hand Park, Gold Lake, Allens' Lake, and Left Hand Valley Reservoir. All of the reservoirs are operated by the company in a coordinated fashion with the goal for maximizing the water yield to its shareholders. The Company's service area is roughly located along Left Hand Creek from the foothills of the Front Range east to Niwot, Colorado. The service area of for the Company includes approximately 15,000 acres of irrigated farm land in Boulder County, Colorado. As part of its operations the Company operates and exchange agreement with the Left Hand Water District (District) whereby it stores and delivers water to the District for potable water supply. Other municipal shareholders of the company include the Town of Jamestown, Town of Ward, and the City of Boulder. In supplying water to its shareholders, the Company makes delivers to the lateral headgates along Left Hand Creek. The Company owns the diversion dams, headgates, ditch, and appurtenant facilities down to and including the Parshall flume of each lateral diverting from Left Hand Creek. Below each Parshall Flume, the individual lateral ditch company assumes ownership, maintenance and operations responsibility. The extraordinary flooding occurred in September of 2013 brought massive damage to the Company's System, wiping out major portions of the system and severely damaging others. The Company, with assistance from staff of the Natural Resources Conservation Service, surveyed the damage to the system. Loan Feasibility Study Robert Crifasi, Mutual Irrigation Ditch Company Consultant, along with Duane Smith, P.E., Smith Geotechnical, prepared the Loan Feasibility Study titled "Emergency Loan Application and Feasibility Study," dated October 2013. The study includes an alternative analysis and preliminary engineering design and cost estimates. The study was prepared in accordance with the CWCB guidelines. Borrower — Left Hand Ditch Company The Company is a Mutual Ditch Company formed on February 27, 1866. The Company diverts water from Left Hand and St. Vrain creeks for delivery across its 15,000 -acre service area for the purpose of irrigating farms, ranches, public parks, open space and golf courses. The Company includes 360 shareholders and 16,647 shares of stock. The Company is governed by a five- member board of directors authorized to oversee the general management of the delivery system and all water flowing into the ditches and reservoirs. Shareholders vote on annual assessment rates at the annual shareholder meeting held in February and a shareholder majority vote is required for the Company to take on debt. The board has authority to assess interest on any delinquent assessments, terminate water deliveries, and can sell stock that is delinquent by two years or more. Water Rights The Company owns the 33 most senior direct flow rights on Left Hand Creek totaling 294.58 cfs