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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 29, 2005 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. William Blatchley <br />General Manager <br />Lower Sacramento Creek Reservoir Company <br />2525 S. Wadsworth Blvd. #306 <br />Lakewood, CO 80227 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Lower Sacramento Creek Reservoir Rehabilitation Project Loan <br /> <br />Dear Mr. Blatchley: <br /> <br />I am pleased to inform you that on March 22,2005 the Colorado Water Conservation Board <br />(CWCB) approved your loan request. We understand that the loan will be used to install a <br />liner and enlarge the reservoir to it to its decreed storage amount. <br /> <br />The Board approved a loan not to exceed $375,013 ($371,300 for project costs and $3,713 <br />for the 1 % Loan Service Fee) with loan terms of3.75% per annum for 20 years. I have <br />attached a copy of the updated Board memo that includes the "Action taken by the CWCB <br />on March 22, 2005". <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study Kirk Russell, P.E. has reviewed the study titled "Feasibility of <br />Reconstruction of the Lower Sacramento Creek Reservoir - January 2004". <br />Modifications will be requested by Mr. Russell via phone/fax or email in the next <br />couple weeks. The modified study, in combination with the CWCB board memo dated <br />March 15,2005 (Revised March 24, 2005) 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 initiate the loan contracting process for this project. Once the contracting <br />obligations are met the Company may request loan funds to cover eligible project <br />expenses. You can contact Mr. Henderson at 303-866-3462. <br /> <br />c) CWCB Design and Construction Administration Procedures Tim Feehan will contact <br />you regarding the CWCB requirements concerning project bidding, design, and <br />construction. Mr. Feehan will make construction site visits, which will be the basis of <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />