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<br />PROJECT SUMMARY <br /> <br />, UPPER PLATTE AND BEAVER CANAL CO. - CONTRACT No. C150096 <br /> <br />SECTION 1 -BORROWER INFORMATION <br />Name: Upper Platte and Beaver Canal Co, <br />Address: P.O, Box 581 <br />Brush, CO 80723 <br />, Phone Number: 970-842-2016 (Phil Mortensen) or 970-842-5650 (Ed Jones) <br />Type of Entity: Mutual ditch company and Colorado nonprofit corporation <br />Section 2 - Project Description <br />A. Description of Project: The loan is for rehabilitation work on a diversion structure <br />where shale underneath the concrete foundation has eroded away, The project <br />will rehabilitate the foundation below the existing diversion, <br /> <br />B, Description of Feasibility Study: Jack Odor, P,E., of Fort Morgan has drafted the <br />feasibility study using information provided by the UPBCC, The study includes an <br />assessment of alternatives available for rehabilitation of the UPBCC diversion <br />structure, <br /> <br />SeCTIoN 3 - BOARD APPROVAL AND LEGISLATIVE AUTHORIZATION <br /> <br />A, At its March 21, 2002, meeting, the CWCB approved a loan to the BORROWER from <br />the Emergency Infrastructure Repair Account of the Construction, Fund in an <br />amount not to exceed $83,000, with terms of 2,25% per annum for a repayment <br />term of 10 years. At said meeting, the CWCB determined that loss of diversion <br />during spring runoff would result in undue hardship on the BORROWER due to its <br />inability to deliver water to its shareholders in summer 2002 without the PROJECT, <br /> <br />SECTION 4. COLLATERAL <br /> <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust <br />attached as Appendix 5 and incorporated herein, shall be an undivided one hundred <br />percent (100%) interest in the Borrower's diversion structure located on the South Platte <br />River in Morgan County, Colorado, as more particularly described in the attached Deed <br />of Trust, hereafter referred to as the Collateral. <br /> <br />SeCTION 5 - SCHEDULE OF EXISTING DEBT <br /> <br />No other existing debt. <br /> <br />SeCTION 6 -CONSTRUCTION FUND PROGRAM PROCEDURES <br /> <br />A. The BORROWER shall employ an engineer, registered in the state of Colorado to <br />prepare plans and specifications for the PROJECT, <br /> <br />B, The BORROWER'S and the Engineering Consultant's Agreements and the plans and <br />specifications must be submitted to the CWCS staff for verification of compliance <br /> <br />Appendix 1 to Loan Contract C150096 <br />