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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 />www.cwcb.state.co.us <br /> <br /> <br />March 31, 2006 <br /> <br />Bill Owens <br />Governor <br /> <br />Ms. Jane Abbott <br />Abbott Ranch <br />35512 Comanche Creek Road <br />Kiowa, CO 80117 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Rick Brown <br />Acting Deputy Director <br /> <br />RE: Loan to Replace Existing Well <br /> <br />Dear Jane: <br /> <br />I am pleased to inform you that on March 21,2006 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to replace the existing irrigation <br />well for the Abbott Ranch, and pay well expenses previously incurred. The Board approved a loan <br />not to exceed $49,440 ($48,950 for project costs and $490 for the 1 % Loan Service Fee) with loan <br />terms of2.00% per annum for 10 years. I have attached a copy ofthe updated Board memo that <br />includes a section "Action taken by the CWCB on March 21, 2006. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) Feasibilitv Study: Bruce Johnson has reviewed the study titled "Feasibility Study - <br />Replacement Well & New Supplemental Well, Abbott Ranch, Kiowa, Colorado, <br />February 2006." No further action is required of you on this item. The report, in <br />combination with the CWCB Board Memo revised March 31,2006, will meet the <br />requirements ofthe CWCB Construction Fund Guidelines for feasibility studies. <br /> <br />b) Contracting: An approved contract must be in place before funds can be advanced. <br />Chad Henderson will initiate the loan contracting process for this project. Once the <br />contract is finalized the Company may request loan funds to cover eligible project <br />expenses. You can contact Chad Henderson at 303-866-3462 regarding contracting <br />requirements. <br /> <br />c) Design/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Tim Feehan will contact you regarding the CWCB <br />requirements concerning project bidding, design, and construction. Tim will make <br />construction site visits, which will be the basis of the monthly pay estimates for <br />disbursement of your loan funds. You can contact Tim Feehan at 303-866-3480. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />