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<br />: <br /> <br />. <br /> <br />STATE at COLORADO <br /> <br />8 <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (3031866.3441 <br />fAX: (3031 866-4474 <br /> <br />Roy Romer <br />GovernOI <br /> <br />July 23, 1997 <br /> <br />Jilmes S. Lochhead <br />Executive DireClor, DNR <br /> <br />Daries C. Lile, P.E. <br />Director, ewes <br /> <br />Mr. Rodney 1. Preisser <br />90 South Cascade Ave., Suite 950 <br />Colorado Springs, CO 80903 <br /> <br />RE: Purchase of Water Rights <br />Loan Approval <br /> <br />Dear Mr. Preisser, <br /> <br />Concerning your application for a loan from the Construction Fund, I am pleased to inform you <br />the Colorado Water Conservation Board (CWCB) has approved your request for $90,000 fr6)1l <br />the Horse Creek Basin Account. It is our understanding these funds will be used to purchase <br />water rights for augmentation of your wells. <br /> <br />The CWCB approved loan terms of 30 years at an interest rate of 4.1 %. I have attached a copy <br />of the updated Board memo concerning your loan. Please refer to page 4 of that memo and to <br />the section "Action Taken by the CWCB, July 21, 1997". <br /> <br />When the Board approves a loan request, there remain several conditions: <br /> <br />a. You must adhere to the CWCB Guidelines for Financial Assistance. A copy of our <br />guidelines is attached for your use. <br /> <br />b. A Feasibility Studv must be completed. A sample study format was provided to your <br />attorney at the time your application was submitted. The study must also include an <br />appraisal of the value of the augmentation water to be purchased, and a detailed <br />description of the collateral to be used for the loan. John VanSciver will review the <br />study to ensure that it complies with the ,Guidelines and statutory requirements. <br /> <br />c. A contract must be completed before funds can be advanced on vour loan. You will <br />be working with Jan Illian during the contracting process, which usually takes 3 to <br />6 months to complete. Jan will assist you with documents necessary as part of the <br />contracting process. <br />