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<br />, <br /> <br />. <br /> <br />~ <br /> <br />STATE O'COLORADO <br />o <br /> <br />-...., ~ <br /> <br />, <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />721 "Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866.3441 <br />FAX: (3031 866-4474 <br /> <br />February 25, 1997 <br /> <br />Roy Romer <br />",Covernor <br /> <br />lames S. Lochhead <br />Executive Oiredor, DNR <br /> <br />DilriesC. Lile, P.E. <br />Director, eWeB <br /> <br />Mr. Gene Aiello, President <br />Purgatoire River Water Conservancy District <br />314 W. Main Street <br />Trinidad, CO 81082 <br /> <br />, <br /> <br />Re: Trinidad Project Refinancing <br /> <br />Dear Mr. Aiello: <br /> <br />I am pleased to inform you that at the January 29, 1997 meeting of the Colorado Water <br />Conservation Board, the Board recommended an initial increment of Construction Fund financing <br />in the amount of $500,000 to the Purgatoire River Water Conservancy District for the purpose of <br />retiring the District's existing indebtedness with the US Bureau of Reclamation in conjunction with <br />the Trinidad Reservoir Project The Board's action on the loan will be included in the 1997 <br />Construction Fund legislation and is subject to authorization by the General Assembly. <br /> <br />The lending rate for this increment of financing is 3.75 percent and the term of the loan is 30 years. <br />The loan w:ould be subject to the following conditions: <br /> <br />1. Prior to entering into a contract for a Construction Fund loan, the District will: <br /> <br />a. provide the CWCB staff with adequate documentation as to the Congressional or <br />Bureau of Reclamation authorization for retiring the existing loan and as to the exact <br />authorized payoff amount, <br /> <br />b. provide the CWCB staff with financial projections and information demonstrating that <br />District revenues will be adequate to cover all foreseeable operating and maintenance <br />expenses as well as all debt service likely to be incurred in the foreseeable future, <br /> <br />2. The District will provide the Director of the c'WCB with an annual audited report of the <br />District's financial condition for each year of the period of CWCB debt retirement and will <br />provide the Director with a letter of explanation of the circumstances in which the sum of <br />operating expenses plus debt service exceeds District revenues in any year in which such an <br />event may occur. <br />