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<br />RECEiVED <br />MAY 2,3 2005 <br /> <br />Summit Reservoir and Irrigation Company <br />P. O. Box 127 <br />Dolores, Colorado 81323 <br /> <br />(rolorado Water Conserva.tion BOllrd <br /> <br />Information line 882-8898 <br /> <br />Norman Butler, Jr. <br />John McHenry <br />Steve Wallace <br />David Sanford <br />Steve Boyd <br /> <br />President <br />Vice President <br />Director <br />Sec- Tres <br />Ditchrider <br /> <br />May 17, 2005 <br /> <br />Mr. Chad Henderson <br />Colorado water Conservation Board <br />1313 Sherman Street. Room 721 <br />Denver, Colorado 80203 <br /> <br />Dear Mr. Henderson, <br /> <br />Thanks for your call. Our last contact on this loan was via phone with Mr. Fehn in <br />November of 2003. At that time we had spent about as much money as we thought we <br />could afford and stated that the project was complete. After getting nothing back from <br />CWCB the Company decided to wait until we were contacted. <br /> <br />The last written communication received on this loan was the letter of July 31, 2002. <br />That letter confirmed that our loan contract number C153770 was amended from <br />$200,000 to $300,000. The promissory note indicates an interest rate of 33J4%per <br />annum for a term of 30 years. The annual payment is $16,826.29 with the first payment <br />due one year from the date CWCB determined that the project was substantially <br />complete. <br /> <br />The Board of Directors met on May 12, 2005 to discuss this situation and I have been <br />directed to write this letter. The Board realizes the time for competition has expired and <br />respectfully requests the following: (1}That our loan remain at $300,000 and the <br />Company be allowed to borrow the remainder of the unspent funds to complete a <br />needed project, and, (2) that the time for project competition be extended to December <br />31, 2006. The Board also reaffirms that the the original loan authorization was lowered <br />to $200,000 and then raised to $300,000 at our request. <br /> <br />If you have any questions or if this request will not be possible please call me at home <br />and leave a message or contact me at work. <br /> <br />Si~/~ <br />David V. Sanford <br />Secretary -Treasurer <br />970-882-7428 Home 970-563-0150 Work <br />