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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />721 Centennial Building <br />131 3 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br /> <br />STATE OF COLORADO <br />~ <br />'WJ <br /> <br />October 28, 1997 <br /> <br />Board of Directors <br />Arkansas Groundwater Users Association <br />1 00 West First Street <br />Manzanola, CO 81058 <br /> <br />Re: Loan for Acquisition of Water rights <br /> <br />Gentlemen: <br /> <br />Roy ROnler <br />COVl'r1101 <br /> <br />J~nles 5, Lochhe~d <br />Executive Director, DNR <br /> <br />Diuie, C Lile, PE. <br />Director, CWCB <br /> <br />I am pleased to inform you that at the September 22, 1997 meeting ofthe Colorado Water <br />Conservation Board, the Board approved a loan of up to $650,000 from the Arkansas <br />River Augmentation Loan Account of the Construction Fund to the Arkansas <br />Groundwater Users Association for the purpose of acquiring shares in the Excelsior <br />Irrigating Company for use in AGUA's augmentation program. The term of the loan is 40 <br />years and the lending rate is 3.0 percent. <br /> <br />The Board approved the loan subject to the following conditions: <br /> <br />1. the submittal of an appraisal, acceptable to the Director of the CWCB, of the <br />Excelsior Ditch water rights, and <br /> <br />2. ratification of the purchase of the Excelsior Irrigating Company shares by a <br />vote of the shareholders in the Arkansas Groundwater Users Association. <br /> <br />Please continue to coordinate with Bill Green on the water rights appraisal and any <br />remaining feasibility work and with Perry Coons of this office on the loan contract. <br /> <br />On behalf of the Board and the staff, I would like to thank you for applying for a loan <br />from the Colorado Water Conservation Board Construction Fund. <br /> <br />Sincerely, <br /> <br />!lI;;tu~ r ~ <br /> <br />William P. Stanton, P.E. <br />Chief, Planning and Construction Section <br /> <br />Alan Hamel, Board Member <br />Chuck Lile <br />BiUGreen <br />Perry Coons <br />Linda Bassi, AGO <br /> <br />cc: <br />