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<br />ST A TE 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 26, 2003 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Mr. Dan Birch, P.E., Project Development Mgr. <br />Colorado River Water Conservation District <br />P.O. Box 1120 <br />Glenwood Springs, CO 81602 <br /> <br />RE:Elkhead Reservoir Project <br />Loan Approval <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Dan, <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 Severance Tax Trust Fund Perpetual Base <br />Account. We understand the loan will be used to enlarge Elkhead Reservoir. <br /> <br />The Board approved a loan from the Severance Tax Trust Fund Perpetual Base Account <br />in an amount of $11,110,000 at the loan terms of 4.0% for 30 years or 3.75% for 20 years, <br />at the District's option. The approval includes the provision for a 1 % loan service fee, <br />which will be funded from the loan proceeds. I have attached a copy of the updated Board <br />memo concerning the Colorado River Water Conservation Board loan request. Please <br />refer to page 6 of that memo and to the section "Action taken by the CWCB November 20, <br />2003." <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. I have reviewed the study titled "E1khead ReseNoir <br />Enlargement Feasibility Report" prepared by the Colorado River Water Conservation <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 /> <br />..ol <br />