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<br />~ <br /> <br />. <br /> <br />CIG~~)0 <br />STA~F COLORADO <br /> <br />. <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br /> <br />721 Stale Centennial Building <br />1313 Shennan Street <br />Denver, Colorado 80203 <br />Phone (303) 866-3441 <br />FAX (303) 8664474 <br /> <br />Roy Romer <br />Governor <br /> <br />James S. Lochhead <br />ExecuIive Director, DNR <br /> <br />March 4, 1996 <br /> <br />Daries C. We, P .E <br />Director, CWCB <br /> <br />Mr. William Grasmick, President <br />Lower Arkansas Water Management Association <br />18525 U.S. HWY 50 <br />Lamar, Colorado 81052 <br /> <br />Re: Application for Funding for Augmentation Program <br /> <br />Dear Mr. Grasmick: <br /> <br />I am pleased to inform you that, at the January 24, 1996 meeting of the Colorado Water <br />Conservation Board (CWCB), the Board authorized the CWCB staff to enter into contract <br />negotiations with the Lower Arkansas Water Management Association for a loan from the <br />CWCB Construction Fund for LA WMA's Augmentation Program in an amount not to exceed <br />$3,750,000.00 for 40 years with an effective rate of return of 3.0 percent. <br /> <br />The Board approved the loan subject to the following conditions: <br /> <br />(1) All lands and water rights acquired by LA WMA with the proceeds of this loan <br />shall be pledged as collateral for the loan and shall not be released to LA WMA <br />without the express approval of the Board, <br /> <br />(2) Before any funds are advanced, LA WMA will demonstrate to the satisfaction <br />of the staff that it has fully met all of the requirements of SB96-124 with <br />regard to the loan, and <br /> <br />(3) The loan shall be subject to all standard contracting requirements of the <br />CWCB. <br /> <br />Please continue to coordinate with Bill Green on the completion of the feasibility study. We <br />are still awaiting a final copy of the study. <br /> <br />For all matters regarding contracting with the CWCB, you should continue to coordinate with <br />Jan Illian of this office. She will be responsible for working with other state agencies in <br />contract processing and approval. Funds can be disbursed after the authorizing legislation has <br />been approved by the General Assembly and signed by the Governor and a final loan contract <br />is in place. <br />