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<br />. <br /> <br />STATE ct COLOMDO <br /> <br />~ <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1 31 3 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (3031 866-3441 <br />FAX: 13031 866-4474 <br /> <br />December 18, 1998 <br /> <br />Rov Romer <br />Co~'ernor <br />J.lnll:'5 S. Lochhead <br />Executive Diredor, DNR <br />DilriesC Lile, PE. <br />Director, (Well <br />PeterH. Ev;ms <br />Acting Director, eWeB <br /> <br />Mr. Kenneth Gareis, President <br />Sterling Irrigation Company <br />Drawer 1825 <br />Sterling, CO 80751 <br /> <br />Dear Mr. Gareis, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB), at their <br />November 1998 meeting in Denver, unanimously decided to recommend your application for a <br />loan from the CWCB Construction Fund to the General Assembly for approval. Your loan request <br />will be included in the Board's annual Water Project Construction Bill. We understand the loan <br />win be used to rehabilitate the diversion and headgate structures of the Sterling No.1 Ditch. <br /> <br />The Board recommended a loan from the Construction Fund in a maximum amount of$318,583, or <br />90-percent of the total project cost, whichever is less. The financing terms for this loan shan be at <br />an annual percentage rate of3.75-percent for a duration of30-years. Eligible costs include, but are <br />not limited to, engineering design and construction. Collateral for the loan shall be a security <br />interest in the stream of income derived from assessments, and a certificate of deposit in the amount <br />of one annual loan payment. <br /> <br />The Board recommended your loan with the following conditions: <br /> <br />a. The feasibilitv studv must be approved. The revised feasibility study report prepared by <br />Jack Oder, P.E., of GAS.P., originany dated August 1998 and received November 4. <br />1998, has been reviewed by Bin Green of my staff and found to be in compliance with <br />the "Guidelines for Financial Assistance from the CWCB Construction Fund." <br /> <br />b. An approved contract must be in place before funds can be advanced. Jan Illian will <br />contact you and your attorney concerning our contracting procedure. We understand <br />you plan to use the funds as soon as they become available on or about July I, 1999 <br />after the Bin has been signed by the Governor. We have a heavy contracting workload, <br />so to meet this deadline we will assign your project a high priority. We win also need <br />to communicate frequently. <br />