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<br />(e <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 />EXHIBIT <br /> <br />I <br /> <br />B <br /> <br />Roy Romer <br />Governor <br /> <br />February 24, 1997 <br /> <br />lamesS.lochheitd <br />ExeCUlive Director, DNR <br />Oaries C. Ule. P.E. <br />Director, eWeB <br /> <br />Mr. Glenn Porzak <br />Porzak Browning & Johnson <br />1300 Walnut St Suite 100 <br />Boulder CO 80302 <br /> <br />Re: Eagle Park Reservoir Project <br /> <br />DearMr~ ~ <br /> <br />I am pleased to inform you that at the January 29, 1997 meeting ofthe Colorado Water <br />Conservation Board, the Board approved a total of$8,000,000 in Construction Fund <br />lending for the Eagle Park Reservoir Project. The Board's action includes [mal approval <br />of the $3,125,000 funding request made in 1996 as well as a recommendation to the <br />General Assembly for an additional $4,875,000 in 1997. <br /> <br />For the $3,125,000 funding increment, the lending rate is 5.75 percent and for the <br />remaining $4,875,000 the rate is 5.25 percent. The term for both components of the loan <br />is thirty years. <br /> <br />The Board's action will be included in the 1997 Construction Fund legislation and is <br />subject to authorization by the General Assembly. If authorized by the General <br />Assembly, we should be able to begin drafting a loan contract with the Eagle Park <br />Reservoir Company in mid-1997. <br /> <br />The following conditions must be met prior to the time we can enter into a contract with <br />the Eagle Park Reservoir Company: <br /> <br />1. The loan applicants will withdraw their opposition and will consent to the decree <br />negotiated in Division 5, Case No. 92CW286. <br /> <br />2. The applicants and the staff of the Colorado Water Conservation Board will reach a <br />mutually acceptable agreement concerning the applicants' water rights exchange <br />application in Division 5, Case No. 95CW348. <br /> <br />3. The reclamation of the Eagle Park Reservoir site will be certified as acceptable by the <br />Colorado Division of Minerals and Geology and water from Eagle Park Reservoir <br />will meet all applicable water quality, health, safety, and environmental standards at <br />the point of delivery of such water into the East Fork of the Eagle River. <br />