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APPENDIX 1, PROJECT SUMMARY Loan Contract Number CT2018-1999 Section 1 —Borrower's Name Centenial Irrigating Ditch Company Section 2—Project Description A. Description of Project: The Borrower applied to the CWCB for a loan to be used for the Centenial Diversion Replacement (Project), located in Rio Grande County, at a total estimated project cost of $512,000.00. The purpose of the Project is to improve the existing Centenial Ditch diversion structure on the Rio Grande River. B. Description of Feasibility Study: Emma Reesor, Executive Director, Rio Grande Headwaters Restoration Project prepared the Loan Feasibility Study titled, "Feasibility Study — Centennial Ditch Implementation Project," dated August 1, 2017, and is incorporated herein by this reference. The feasibility study was prepared in accordance with CWCB guidelines. Chris Pitcher, P.E., with Riverbend Engineering, and Laurie Clarke, P.E., with NRCS provided an analysis of alternatives and engineering cost estimates. 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 Severance Tax Perpetual Base Fund without prior approval from the General Assembly. Section 4-Board Approval At its September 20, 2017 meeting the CWCB approved a Project Loan from the Severance Tax Perpetual Base Fund, to the Borrower, in an amount up to $230,000.00 for Project Costs. CWCB's Origination Fee of 1% in the amount of$2,300.00, in accordance with CWCB Policy No. 16, added to the Base Loan Amount results in a Total Loan Amount of$232,300.00, at an interest rate of 1.50%per annum for a repayment term of 20 years. Section 5—Schedule of Existing Debt As of the date of the CWCB loan approval, no other debt, backed by the loan security,described in Section 6 below, exists. Section 6—Loan Security The Security for this loan, as evidenced by the executed Security Agreement(Appendix 5) and incorporated herein, shall be: (i) an irrevocable(but not exclusive)pledge to the CWCB of the Pledged Revenues in such amount as is necessary to make each annual payment due under this Contract, (ii)an assessment covenant; (iii)annual financial reporting, and an undivided one hundred percent(100%)interest in the diversion dam as more particularly described in the Appendix 1 Page 1 of 3