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<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 />May 19, 2006 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Don Chapman, Superintendent <br />Riverside Irrigation District <br />221 E. Kiowa <br />Fort Morgan, Colorado 80701 <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 Purchase Water Rights <br /> <br />Dear Don: <br /> <br />I am pleased to inform you that on May 16, 2006 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used for permanent financing of the <br />acquisition of 46 Private Rights in the Riverside Reservoir and Land Company. The Board approved a <br />loan in a maximum amount $1,464,500 (including the 1 % loan service charge) with loan terms of <br />2.50% per annum for 30 years. I have attached a copy of the updated Board memo that includes a <br />section "Action taken by the CWCB on May 16, 2006. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. Bruce Johnson has reviewed the study titled <br />"Feasibility of the Riverside Irrigation District Water Rights Project - February 2006. " <br />No further action is required of you on this item. The report, in combination with the <br />CWCB board memo dated May 5, 2006 will meet the requirements of the CWCB <br />Construction Fund Guidelines for feasibility studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. Chad Henderson <br />will place this project on our contracting "hot list" and will initiate the loan contracting <br />process. Once the contract is finalized the Company may request loan funds to cover <br />eligible project expenses. For future reference Chad's phone number is 303-866- <br />3462. <br /> <br />c ) You must adhere to the CWCB Design and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Tim will make construction inspections, which will <br />be the basis of the monthly pay estimates for disbursement of your loan funds. Tim's <br />phone number is 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 />