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PROJECT SUMMARY Boulder and Larimer Count Irrigating and Manufacturing Ditch Company Contract No. C150374 SECTION 1 — BORROWER INFORMATION Name: Boulder and Larimer County Irrigating and Manufacturing Ditch Company, a Colorado corporation Address: 1004 SCR 15, Berthoud, Colorado, 80513 Contact: Cindy Befus, Secretary Phone Number: 970 - 532 -7178 E -mail address: cbefus @msn.com Type of Entity: a Colorado corporation SECTION 2 — PROJECT DESCRIPTION A. Description of PROJECT: The BORROWER applied to the CWCB for a loan for the Emergency Fossil Creek Reservoir Inlet Diversion Structure Repair to repair damages to the diversion structure and inlet caused by the 2013 flood event. B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report dated October 16, 2013 on the PROJECT, entitled "Emergency Funding for Damaged River Diversions/Dams From the September 2013 Flood Event" which was prepared by Scott Lewis, Vice President, Boulder and Larimer County Irrigating and Manufacturing Ditch Company, Lakewood, Colorado and is incorporated herein by reference. Based upon the feasibility report, the CWCB determined the PROJECT to be technically and financially feasible. SECTION 3 — CWCB'S AUTHORITY Severance Tax Perpetual Base Fund. This loan is made pursuant to the provisions of §§ 39- 29- 109(1)(a)(1), 37 -60 -119 and 37 -60 -120, C.R.S., which authorize the CWCB to loan money for water projects from the CWCB Severance Tax Perpetual Base 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 October 2013 meeting, the CWCB approved a Small Project Loan from the Severance Tax Perpetual Base Fund to the BORROWER in an amount up to $200,000 for PROJECT costs, not to exceed 100% of the cost of the PROJECT, with a loan origination fee of 1 % of the cost of the PROJECT, in accordance with CWCB Policy No. 16, resulting in a total loan amount of $202,000 for 30 years with no payments and zero interest for the first three years followed by 27 years of amortized payments at the interest rate of 1.90 %. Appendix 1 to Loan Contract C150374 Page 1 of 4