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1 <br />1 <br />' <br />�_J <br />1 <br />PROJECTSPONSOR <br />Feasibility Study <br />for the Rehabilitation of <br />Gray Lake No. 3 Dam <br />The Lake Canal Reservoir Company is a Colorado Mutual Ditch Company and a Non-profit <br />Corporation. Articles of Incorporation and Bylaws are included in Appendix E. <br />The company's facilities consist of the storage reservoirs known as North Gray Lake, South Gray <br />' Lake, and Gray Lake No.3 located in Sections 34 and 35, Township 8 North, Range 68 West of <br />the 6'" Prune meridian. Their facilities include the reservoirs and the associated diversion <br />' structure into North Gray and the diversion structure into the Lake Canal Ditch. The diversion <br />structure into North Gray is located in Section 27, Township 8 North, Range 68 West which fills <br />all three reservoirs through North Gray. <br />lJ <br />' <br />Storage in the Gray Lakes is released into Box Elder Creek which is diverted into the Lake Canal <br />Ditch by a structure located in Section 16, Township 7 North, Range 68 West. The Lake Canal <br />Ditch serves approxunately 5,200 acres of irrigated farm and pasture land. <br />The Company was incorporated in January 1902 and has been in operation continuously since that <br />' tune and has delivered water and applied assessments since its inception. Assessments during the <br />year 2000 were $115 per share of stock and are $130 per share for 2001. <br />ll <br />1 <br />' <br />Financial statements for 1999 and 2000 are included in Appendix A of this study. For the year <br />2000 the Company had income of approximately $31,793, a cash balance from the previous year <br />of $12,991, with expenses of approxnnately $13,382 for a cash balance of $21,378. The <br />Company lists total assets of $139,655, long term liabilities of $95,188, and capital of $44,466 <br />for total liabilities and equity of $139,655. Based on financial statements we reviewed for 1999 <br />to 2000, the Company typical has cash on hand approximately equal to one years expenses. <br />The company owns no buildings or equipment. Normal maintenance and repair of the ditches and <br />' reservoirs is handled by the New Cache La Poudre Irrigating Company through an operating <br />agreement included in Appendix F. Assets listed include their cash account, accounts receivable, <br />1 <br />' <br />' <br />and the ditches and reservoirs. <br />' Gray Lake-Feasibility Study <br />' <br />Page 1 <br />