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<br />STATE OF 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 />FAX; (303) 866-4474 <br /> <br />~ <br /> <br />March 8, 2000 <br /> <br />Bill Owens <br />Governor <br /> <br />The San Luis Valley Canal Company <br />Attn: Harvey Smalley, President <br />902 Weber Drive <br />Alamosa, CO 81101 <br /> <br />SUBJECT: Loan Contract C150007 <br /> <br />Dear Mr. Smalley: <br /> <br />The San Luis Valley Canal Company applied for a loan from the Colorado Water Conservation <br />Board (CWCS) for the rehabilitation of two concrete check structures on the San Luis Valley <br />Canal. A loan in the amount of $188,000 was approved by the CWCB at its January 1997 <br />meeting and authorized by the 1997 legislature. <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Peter H. Evans <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />In July 1999 during contract negotiations, it was discovered that the Company's bylaws limited <br />borrowing to $10,000 or less and approval by two-thirds of .the stockholders would be <br />necessary to pledge any Company property as collateral. The Company chose to wait until the <br />next annual stockholders meeting to be held in January 2000 rather than call a special meeting <br />to address these issues. <br /> <br />It is my understanding that the Company has held its annual stockholders meeting, but we <br />have not heard of any results of that meeting. <br /> <br />If the Company still intends to use the funds, please contract me and we can start working on <br />the loan contract. If the Company does not plan on using the loan funds, please contact John <br />Van Sciver. He will discuss our need for a letter from the Company stating that they do not <br />intend to borrow the money, and then the loan funds will be deauthorized by the legislature. <br /> <br />Please contact me or John Van Sciver at 303/866-3441 regarding the status of the CWCS <br />loan. <br /> <br />Sincerely, <br /> <br /> <br />/ /~ /LGv-~CC'0l <br /> <br />ni lilian, Contract Administrator <br />er Supply Planning and Fina'nce Section <br /> <br />cc: Paddock, Esq. <br />Cann, AGO <br />Van Sciver, CWCS <br />CWCS Contract File <br />