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<br />-.. .,,-" <br /> <br />ST ATE 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) 8664474 <br />www.cwcb.state.co.us <br /> <br /> <br />September 27, 2002 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Terry Retherford, President <br />Loma Ditch & Lateral Company <br />P.O. Box 11 <br />Lorna, Colorado 81524-0011 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />RE: Loan for Ditch Rehabilitation <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Terry: <br /> <br />Per our discussion I am enclosing the loan repayment scenarios for 10,20 and 30-year terms. The <br />loan rate that the Board approved on September 12, 2002 was 2.75% for 30 years. The 20-year <br />interest rate would be 2.50% (a reduction of 1/4 of one percent from the 30-year rate), and the 10- <br />year interest rate would be 2.25% (a reduction of ~ of one percent). The annual payment amounts <br />on the enclosed tables do not include the 10% CWCB loan reserve requirement. This requires that <br />the borrower place an amount equal to 10% of the annual payment in a reserve account each year for <br />the first 10 years of the loan, thereby accumulating the equivalent of one annual loan payment in <br />reserve. Including the 10% reserve requirement, the total annual cost for the loans wou.ld be: <br />30-year - $9,669; 20-year - $12,559; and lO-year - $22,083. <br /> <br />Also enclosed is a copy of the final Feasibility Study. This may need to be revised based on what <br />the shareholders decide on the loan terms. We can discuss that more after your shareholder meeting. <br />In the interim, if you have any questions, please don't hesitate to call me at 303-894-2573. Thanks a <br />lot. <br /> <br />Sincerely, <br /> <br />0S. <br /> <br />BruceS:1 ohn P.E. <br />Water Supply Planning and Finance Section <br /> <br /> <br />Enclosures <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />