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PROJECT SUMMARY <br />CEDAR MESA DITCH & RESERVOIR CO. — CONTRACT NO C150087 <br />SECTION 1 -BORROWER INFORMATION <br />Name: Cedar Mesa Ditch and Reservoir Co. <br />Address: 1381 Drive 2420 <br />Cedaredge, CO 81413-9364 <br />Phone Number: 970-835-3347 (Bud Burgess) or 970-835-3349(Bob Phillips) <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 the Cedar Mesa Dam in Delta <br />County, Colorado, which involves construction of a support berm of compacted soil along <br />the lower portion of the main embankment. A chimney drain and toe drain will be <br />incorporated in the berm to control seepage and allow it to exit and be monitored. <br />B. Description of Feasibility Study: R. Michael Smith P.E., and Derek Wittwer P.E. of Knight <br />Piesold have completed the Feasibility Study incorporating information provided by the <br />CMDRC and earlier engineering studies. The study includes an assessment of alternatives <br />available for rehabilitation of the Cedar Mesa Dam. <br />SECTION 3- SOARD APPROVAL AND LEGISLATNE AUTHORIZATION <br />A. At its July 23, 2001, meeting, the CWCB approved a loan to the BoRROwER from the Small <br />Project Loan Account of the Constsuction Fund in an amount up to $100,000, not to exceed <br />76% of the cost of the PRO�ECr, with terms of 3.0% per annum for a repayment term of 10 <br />years, or 3.25% per annum for a repayment term of 20 years or 3.5% per annum for a <br />repayment term of 30 years, at the Borrower's option. At said meet'ing, the CWCB <br />determined that delay would result in undue hardship on the BoRROweR due to its inability to <br />fill its reservoir to capacity and provide full water delivery to its shareholders without the <br />PROJECT. <br />SECTION 4 - COLLATERAL <br />The collateral provided for this loan, as evidenced by the executed Deed of Trust attached as <br />Appendix 5 and incorporated herein, shall be an undivided one hundred percent (100%) interest <br />in the Cedar Mesa Dam located in Section 36, Township 11 South, Range 94 West of the 107�' <br />P.M., Delta County, Colorado, as more particularly described in the attached Deed of Trust, <br />hereafter referred to as the Coilateral. <br />SECTION 5- SCHEDULE OF EXISTING DEBT <br />No other existing debt. <br />SECTION B-CONSTRUCTION FUND PROGRAM PROCEDURES <br />A. The BortROweR shall employ an engineer, registered in the state of Colorado to prepare plans <br />p►ppendix 1 to Loan Contract C150087 <br />