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PROJECT SUMMARY <br /> Beeman Irrigating Ditch and Milling Company <br /> Contract No. C150385 <br /> SECTION 1 —BORROWER INFORMATION <br /> Name: Beeman Irrigating Ditch and Milling Company, a Colorado <br /> nonprofit corporation <br /> Address: 1800 Larimer Street, Suite 1300, Denver, Colorado 80202 <br /> Contact: Richard Belt, President <br /> Phone Number: 303-294-2198 <br /> E-mail address: Richard.L.Belt @excelenergy.com <br /> Type of Entity: Colorado nonprofit corporation <br /> SECTION 2— PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan for the <br /> Emergency Beeman Diversion Dam Repair to repair damages to the diversion <br /> structure and headworks caused by the 2013 flood event ("PROJECT"). <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report <br /> dated November 1, 2013 on the PROJECT, titled "Emergency Loan Application and <br /> Feasibility Study", which was prepared by Richard Belt, P.E., Beeman Irrigating <br /> Ditch and Milling Company, Denver, Colorado, and is incorporated herein by <br /> reference. Based upon the feasibility report, the CWCB determined the PROJECT to <br /> be technically and financially feasible. <br /> SECTION 3—CWCB'S AUTHORITY <br /> Severance Tax Perpetual Base Fund: This loan is made pursuant to the provisions of <br /> §§ 39-29-109(1)(a)(I), 37-60-119 and 37-60-120, C.R.S., which authorize the CWCB to <br /> loan money for water projects from the CWCB Severance Tax Perpetual Base Fund for <br /> the benefit of the people of the state, provided that the BORROWER assures repayment <br /> 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 Severance Tax Perpetual <br /> Base Fund without prior approval from the General Assembly. <br /> SECTION 4 - BOARD APPROVAL <br /> At its November 20, 2013 meeting, the CWCB approved a Small Project Loan from the <br /> Severance Tax Perpetual Base Fund to the BORROWER in an amount up to $2,000,000 <br /> for PROJECT costs, not to exceed 100% of the cost of the PROJECT, with a loan origination <br /> fee of 1% of the cost of the PROJECT, in accordance with CWCB Policy No. 16, resulting <br /> in a total loan amount of $2,020,000 for 30 years with no payments and zero interest <br /> for the first three years followed by 27 years of amortized payments at the interest <br /> rate of 1.75%. <br /> Appendix 1 to Loan Contract C150385 <br /> Page 1 of 4 <br />