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<br />/1 I <br />L, <br /> <br /> <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 />www.cwcb.state.co.us <br /> <br /> <br />Bill Owens <br />Governor <br /> <br />November 24, 2003 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Mr. Tom Cech, Executive Director <br />Central Colorado WCD <br />3209 West 28th Street <br />Greeley, CO 80634 <br /> <br />RE: Water Rights Purchase and <br />Gravel Pit Construction. <br />Loan Approval <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Tom, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB) has <br />approved your request for a loan from the Construction Fund. We understand the loan will <br />be used to purchase senior water rights and to construct gravel pit storage and recharge <br />facilities to provide increased augmentation water supplies for your members. <br /> <br />The Board approved a Small Project loan from the Construction Fund in an amount of <br />$5,000,000 at the loan terms of 2.5% for 30 years. The approval includes the provision for <br />a 1 % loan service fee, which will be funded from the loan proceeds. I have attached a <br />copy of the updated Board memo concerning the Central Colorado Water Conservancy <br />District. Please refer to page 6 of that memo and to the section "Action taken by the <br />CWCB November 20, 2003." <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibilitv Study is required. John Van Sciver has reviewed the study titled <br />"Feasibility Study for Acquisition of Water Rights and Water Storage" prepared by the <br />District. The report meets the requirements of the CWCB Construction Fund <br />Guidelines for feasibility studies and has been accepted. <br /> <br />b) An approved contract must be in place before funds can be advanced. Jan IlIian has <br />placed this project on our "hot list" and will initiate the loan contracting process with a <br />goal of having a signed contract in place by early 2004. Once the contract is finalized <br />the District may request loan funds to cover eligible project expenditures. <br />