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<br />- <br /> <br />,-. <br />c.." <br /> <br />STATE 0::P COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAXo (303) 866-4474 <br /> <br />~ <br /> <br />Bill Owens <br />Governor <br /> <br />February 10, 2000 <br /> <br />Greg E.Walcher <br />Executive Director <br /> <br />Mr. Elmer R. Gustafson, President <br />The Windsor Reservoir and Canal Company <br />P.O. Box 206 <br />Eaton, Colorado 80615 <br /> <br />Peter H. Evans <br />CWCB Director <br /> <br />Dan McAuWfe <br />Deputy Director <br /> <br />Re: Annex No, 8, Elder Reservoir and Windsor Reservoir No, 8 Projects <br /> <br />Dear Mr. Gustafson: <br /> <br />I am writing to confirm thai, at the January 26, 2000 meeting of the Colorado Water <br />Conservation Board, the Board recommended an increase in the Windsor Reservoir and <br />Canal Company's Construction Fund authorization for the Company's rehabilitation <br />program in the amount of$I,155,000. The increase in the authorization will be combined <br />with the funds remaining in loan contract no. C-153725 for a new loan of$I,788,300 for <br />the Annex No.8, Elder Reservoir and Windsor Reservoir No.8 rehabilitation projects, <br />not to exceed 90 percent of the total costs for the three projects, <br /> <br />The term of the loan is for 30 years. The lending rate on the fust $633, 218 in loan <br />disbursements will be 4.15 percent. The lending rate for the remainder of the loan funds <br />will be 4.00 percent. <br /> <br />The Board's action on the $1,155,000 increase in authorization will be included in the <br />year 2000 CWCB funding legislation and is subject to authorization by the General <br />Assembly, If authorized by the General Assembly, the loan funds for the increase in <br />authorization should be available in Mayor June of2000. <br /> <br />As security for the loan, it is expected that the Company will pledge revenues from <br />assessments and other sources backed by an assessment covenant and annual financial <br />reporting as well as a security interest in Annex No.8, Elder Reservoir and Windsor <br />Reservoir No.8. <br /> <br />The Board's recommendation for funding is conditioned upon the following: <br /> <br />I. The authorization will not commit the Colorado Water Conservation Board to <br />providing any additional funding for the Company's system rehabilitation program. <br />