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<br />STATE (IF 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) 866-1474 <br /> <br />Q <br /> <br />Bill Owens <br />Govemor <br /> <br />March 24, 2000 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Peter H. Evans <br />ewes Director <br /> <br />Mr. Robert M. Valdez, President <br />Otero Ditch Company <br />P.O. Box 358 <br />La Junta, CO 81050 <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Rehabilitation of River Diversion <br />Emergency Loan Approval <br /> <br />Dear Mr. Valdez, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB) has <br />approved your Emergency Loan request. We understand the loan will be used to <br />rehabilitate to Company's diversion 3tructure on the Arkansas River. <br /> <br />The Board approved an Emergency Loan from the Construction Fund in a maximum <br />amount of $155,000 with terms of 4% for 30 years. I have attached a copy of the updated <br />Board memo conceming the Otero Ditch Company. Please refer to page 3 of that memo <br />and to the section "Action taken by the CWCB March 20,2000." <br /> <br />When the Board approves an Emergency Loan there remain several conditions: <br /> <br />a) A Feasibility Study must be completed. You have been provided an example to aid <br />you in preparing a draft the study, which should then be emailed to John Van Sciver <br />for completion. The Board has required that the study be completed by April 30, 2000 <br />in accordance with CWCB Construction Fund Guidelines. No loan funds can be <br />released until the study is complete. <br /> <br />b) An aPDroved contract must be in place before funds can be advanced. Jan IlIian has <br />contacted you concerning our contracting procedure. It usually takes about 2 months <br />to complete the contract once the Board has approved the loan. <br /> <br />c) You must adhere to the CWCB Desian and Construction Administration Procedures. <br />Tim Feehan has contacted you regarding the CWCB requirements concerning project <br />design and construction. Tim will make construction inspections, which will be the <br />basis of the monthly pay estimates for disbursement of your loan funds. <br />