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Overland Ditch and Reservoir Company July 12, 2005 Page 2 of 5 Agenda Item 6a because of funding limitations. The design included provisions to accommodate future projects that would allow storage of the full complement of storage rights. In 1987, the Company was able to buyout the USBR loan at a significantly discounted price. This was made possible by a second loan from CWCB. A significant benefit of buying out the USBR loan was the transfer of the dam safety jurisdiction. The net effect was a reduction in the flood surcharge storage required, which allowed the Company to increase the normal water storage level by 1.5 feet in 1991. This provided storage for the remaining 292 AF of the absolute storage and 80 AF of the conditional storage for a total reservoir volume of 6,200 AF. The 971 AF of additional decreed capacity provided by the currently proposed Project will help satisfy the need for supplemental irrigation water in the Company's service area. In addition, there have numerous expressions of need for augmentation water for both existing and proposed domestic, commercial and industrial facilities. Because of its location and elevation, Overland Reservoir is in a unique position to supply augmentation water to a large area in the region of the North Fork of the Gunnison River. Since the last spillway modifications in 1991, the Company has made due diligence towards storing the final 971 AF of the conditional storage right. These efforts include: geotechnical investigations of, completion of a site specific flood precipitation study, and a flood hydrology report. These efforts have been funded by the Company with some assistance from the Colorado River Water Conservation District. Feasibilitv Studv The feasibility study was prepared by Bruce Marvin, Western Engineers, Inc. in accordance with CWCB guidelines. The study includes preliminary engineering design and cost estimates prepared by Western Engineers, Inc. The High Hazard Class 1 dam falls under the jurisdiction of the Division 4 office (Montrose) of the SEO. Frank Kugel, SEO Division 4, Assistant Division Engineer has indicated their office is aware of the Project and is in general support of the concept. In addition, conversations with Mark Haynes, SEO Dam Safety indicated that a site specific PMP study was submitted and reviewed by a third-party reviewer, however no approvals have been granted. The Overland Ditch and Reservoir Companv The Company is a non-profit mutual ditch company registered in the State of Colorado. The Company was incorporated in 1895 and is in good standing with the State. The Company consists of 120 shareholders and has a total of 10,000 shares of stock. The Town of Hotchkiss owns 300 shares (3%) of stock and currently leases the water to a local rancher and 9,700 shares are owned by agricultural land owners. The Company owns and operates the Overland Reservoir and conveyance ditches. According to the Company's Bylaws, the Company has the power to make assessments and sell stock owned by a delinquent stockholder for the purpose of paying such delinquent assessments. Water Riahts The sources of water for the company include Leroux Creek, Roatcap Gulch, Terror Creek, Hubbard Creek, Elk Creek and Cow Creek. Overland Reservoir is located on and fed by Cow Creek. The shareholders of Company hold seven direct flow rights with adjudication dates ranging from 1908-1954 and a total flow right of 214.7 CFS. The Company also holds four storage rights with adjudication dates ranging from 1914 to 1954 totaling 7,171 AF. The most recent yield analysis of the Overland Reservoir drainage basin was performed as part of a loan application feasibility report in 1976. The data indicates that sufficient runoff is available to fill a 7,171 AF reservoir 13 out of 17 years (1950-1967).