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Boulder and Larimer County Irrigating and Manufacturing Company <br />October 18, 2013 (Updated October 21, 2013) <br />Page 2 of 5 <br />Agenda Item 8f <br />Background <br />The Company was originally incorporated in 1875. The oldest Company water right on the Little <br />Thompson River dates back to 1883. In 1904, the Company entered into a contract with the Ish <br />Reservoir Company to enlarge the Ish Reservoir and obtained a storage right for 400 cfs off the <br />Little Thompson River. <br />The diversion dam is located in Section 1, T3N, R70W in Boulder County. The inlet ditch traverses <br />in a generally west to east direction approximately 6 miles to the Ish Reservoir located east of 287 <br />in Sections 2 & 3, T3N, R69W. There are 5,000 acres of land that are irrigated under the Company <br />System. The service area is generally south and southeast of the Town of Berthoud. <br />The diversion structure consists of a dam with north and south wing walls, two head gates and a <br />sand gate. The north wing wall was destroyed in the flooding and the river is now traveling around <br />the dam on the north side. There was a tremendous amount of debris piled up against the diversion <br />dam and headgate structure as well as in the Parshall flume. The inlet ditch had three minor <br />washouts and a severe washout. The small washouts can be easily repaired; however, the major <br />washout is going to require a significant amount of engineering and reconstruction. <br />Loan Feasibility Study <br />Cindy Befus, the Company Secretary of the Board, along with Tara Schutter, P.E., Tessara Water <br />LLC, prepared the Loan Feasibility Study titled "Emergency Loan Application and Feasibility <br />Study," dated October 2013. The study includes an alternative analysis and preliminary engineering <br />design and cost estimates. The study was prepared in accordance with the CWCB guidelines. <br />Borrower — Boulder and Larimer Irrigating and Manufacturing Ditch Company <br />The Company is a corporation and is in good standing with the Colorado Secretary of State. The <br />Company has 72 shareholders that own 1,000 shares of stock. The Company's revenues are <br />primarily generated by assessments charged on shares of stock owned by the stockholders. It also <br />receives revenues from fishing leases. <br />The Company's by -laws state that the Board has the power to make assessment on its stock; <br />however, assessments must first be submitted to the stockholders. The Board can also sell shares <br />for failure to pay assessments. Shareholders must approve loans if the term is longer than one year. <br />Water Rights <br />Average annual yield of these water rights is 4,500 AF. <br />TABLE 1: IMPACTED WATER RIGHTS <br />Name <br />Water Court <br />Case <br />Appropriation <br />Date <br />Adjudication <br />Date <br />Amount <br />Direct Flow Priori 27 <br />5/28/1883 <br />6/30/1875 <br />5/28/1883 <br />27.2 cfs <br />Direct Flow Priori 36 <br />5/28/1883 <br />5/20/1877 <br />5/28/1883 <br />39.52 cfs <br />Storage Right Priority 4 <br />CA4862 <br />6/30/1875 <br />6/29/1916 <br />1,241.4 AF <br />Storage Right Priority 5 <br />CA4862 <br />5/20/1877 <br />6/29/1916 <br />553.0 AF <br />Storage Right Priority 13 <br />CA4862 <br />9/16/1890 <br />6/29/1916 <br />751.59 AF <br />Storage Right Priority 22 <br />CA4862 <br />1/4/1094 <br />6/29/1916 <br />4,797.7 AF <br />Refill Right <br />I 97CW363 <br />1 6/9/1987 <br />12/31/1997 <br />307.0 AF <br />