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<br />. <br /> <br />. <br /> <br />. <br /> <br />well and 2 recharge wells to generate credits to cover depletions from 43 irrigation wells used by <br />Stockholders of the Company. The project engineer is Brent Nation with Nation Engineering Services, <br />Fort Morgan, Colorado. The project is currently under construction and is anticipated to be complete by <br />July of 2006. <br /> <br />4. New Cache La Poudre Irril!ation Colt\1)anv - Reservoir Construction <br /> <br />Authorization: Construction Fund <br />Water Source: South Platte <br />Terms of Loan: $7,200,000 @2.50% for 30-years <br /> <br />County: Weld <br />Project Yield: 4,500 acre-feet <br />Project Type: New Reservoir <br /> <br />The New Cache La Poudre Irrigation Company currently provides irrigation water to a 35,000-acre <br />service area. The purpose of this project is to provide water storage to equalize ditch flows, to improve <br />efficiency and the reliability of the Company's system, and for providing additional storage to meet future <br />demands. The project will involve the construction 00 separate reservoirs near the Town of <br />Bamesville, Colorado, totaling 4,500 acre-feet of storage. Additionally, 8,200 linear feet of pipeline will <br />be installed in construction with the reservoirs. Smith Geotechnical, Fort Collins, Colorado is the project <br />designer. The Bamesville Reservoir project was awarded to Barker Construction, Fort Collins, Colorado <br />and has been completed. The pump station from Bamesville Reservoir to Cornish Reservoir and their <br />ditch system was completed in May of 2005. Cornish Reservoir is currently under design and is <br />scheduled for construction in the springlsununer of 2006. <br /> <br />5. Arkansas Groundwater Users Association - Water Riehts/Aul!Il1entation/Canal Work <br /> <br />Authorization: Construction Fund <br />Water Source: Arkansas River <br />Terms of Loan: $970,448 @2.50% for 30-years <br /> <br />County: Pueblo <br />Project Yield: 703 Acre-feet <br />Project Type: Water Rights/Canal <br /> <br />This project involves the purchase of 785 shares of Excelsior Ditch for replacement water to offset out-of- <br />priority depletions from well pumping. The project also involves the construction of a 15-acre recharge <br />pond and enlarging the Excelsior Ditch for approximately 4 miles. The ditch work has been completed <br />and the construction of the recharge ponds is approximately 95% complete. Project completion has been <br />delayed due to easement negotiations with the Army Base. . The Groundwater Users are seeking an <br />easement from the Army Base to construct their final recharge pond. The project is tentatively scheduled <br />to be complete by October of 2006. <br /> <br />6. Orohan Wells ofWil!l!ins - AUl!Il1entation Proiect <br /> <br />Authorization: Construction Fund County: Morgan <br />Water Source: South Platte Basin Project Yield: 6,000 acre-feet <br />Terms of Loan: $I,037,700@2.5%for30-years Project Type: Well Augmentation <br /> <br />The Orphan Wells of Wiggins is a new company comprised of 31 separate agricultural operators that own 45 <br />wells which irrigated approximately 4500 acres of farmland. This project involves the construction of I <br />recharge well, I augmentation well, various pipeline, and 23 recharge ponds. The project will generate <br />augmentation credits to cover the depletions for the 45 existing wells. The project is currently 80% <br />complete. The project has changed from its original scope to include additional piping and recharge sites. <br />Additionally, the Company has purchased several Riverside Ditch shares that will improve augmentation <br />efforts. The Company is considering a loan increase of approximately $125,000 to cover these additional <br />items. The Company is anticipating having the project complete by October of2006. <br /> <br />43 <br />