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Ish Reservoir Company Agenda Item 8g October 18, 2013 (Updated October 21, 2013) Page 2 of 4 Background The Company and the Boulder and Larimer County Irrigating and Manufacturing Company share a diversion structure on the Big Thompson River as well as Ish Reservoir and the inlet to the reservoir. The diversion dam is located in Section 1, T3N, R70W in Boulder County. The inlet ditch traverses in a generally west to east direction approximately 6 miles to the Ish Reservoir located east of 287 in Sections 2 & 3, T3N, R69W. The diversion structure consists of a dam with north and south wing walls, two head gates and a sand gate. The north wing wall was destroyed in the flooding in September and the river is now traveling around the dam on the north side. There was a tremendous amount of debris piled up against the diversion dam and head gate structure as well as in the Parshall flume. The inlet ditch had three minor washouts and a severe washout. The small washouts can be easily repaired; however, the major washout is going to require a significant amount of engineering and reconstruction. Loan Feasibility Study Jill Baty, the Company Secretary, along with Tara Schutter, P.E., Tessara Water LLC, 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 — Ish Reservoir Company The Company is a Mutual Ditch and Reservoir Company, established in 1904. It is in good standing with the Colorado Secretary of State. Approximately 15,500 acres are irrigated by the 100 shareholders that own 600 shares of stock. The Company's revenues are generated by assessments charged on shares of stock owned by the stockholders and oil and gas royalties. The Company's by -laws state that the Board has the authority to enter into loan contracts as well as set annual assessments. The Board can also sell shares for failure to pay assessments. Water Rights The water rights impacted by this project include: TABLE 1: IMPACTED WATER RIGHTS Name Water Court Case Appropriation Date Adjudication Date Amount Direct Flow Priori 27 5/28/1883 6/30/1875 5/28/1883 27.2 cfs Direct Flow Priori 36 5/28/1883 5/20/1877 5/28/1883 39.52 cfs Storage Right Priority 4 CA4862 6/30/1875 6/29/1916 1,241.4 AF Storage Right Priority 5 CA4862 5/20/1877 6/29/1916 553.0 AF Storage Right Priority 13 CA4862 9/16/1890 6/29/1916 751.59 AF Storage Right Priority 22 CA4862 1/4/1094 6/29/1916 4,797.7 AF Refill Right 97CW363 1 6/9/1987 1 12/31/1997 307.0 AF Average annual yield of these water rights is 4,500 AF. Project Description The intent of this Project is to restore the Company's system so it can deliver water to shareholders.