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Project Summary - AGUA - Contract No. C150156 SECTION 1 -BORROWER INFORMATION Name: Arkansas Groundwater Users Association Address: P. O. Box 7 Manzanola, CO 81058 Federal Identification No.: 84-1268595 Contact: Phone Number: E-mail address: Brenda Fillmore, Manager 719-462-5140 Fax Number: agua@centurytel.net 719-462-5755 Type of Entity: Colorado nonprofit corporation Section 2 - Project Description Description of PROJECT: The BORROWER applied to the CWCB for a $970,448 loan for (1) purchase 785 shares of stock in the Excelsior Irrigating Company for replacement water to offset out-of-priority depletions from well pumping, and (2) construction of a recharge pond and enlargement of approximately four miles of the Excelsior Ditch for recharge water deliver, hereinafter referred to as the PROJECT, at an estimated total cost of $1,082,108. Description of Feasibility Study: The CWCS has reviewed a feasibility study report on the PROJECT compiled by Tetra Tech RMC, Consulting Engineers, entitled "Feasibility Study Augmentation Water Acquisition" dated September 2003, which is incorporated herein by reference, and, based upon the feasibility report, the CWCB determined the PROJECT to be technically and financially feasible. SECTION 3 - CWCB's AUTHORITY Arkansas Loan Account. Part of this loan is made pursuant to the provisions of 937- 60-130, C.RS., as amended by Senate Bill 97-8, Section 17, which authorize the CWCB to expend up to $3,500,000 from the Arkansas River Augmentation Loan Account for the purpose of making loans to organizations for the purchase of augmentation water to replace out-of-priority depletions to surface water rights and to prevent material depletions of usable stateline flows in violation of the Arkansas River Compact, provided that the borrower meets certain criteria set forth at 9 37-60-130(3), C.RS. Small Proiect Loan: The remaining portion of this loan is made pursuant to the provisions of 9937-60-119 and 37-60-120, C.RS., which authorizes the CWCB to loan money for water projects 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.RS., authorizes the CWCB to make loans of up to $5,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust Fund Perpetual Base Account Fund without prior approval from the General Assembly. Appendix 1 to Loan Contract C150156