LPPD000411

• Contract/PO #: C150151
• Contractor Name: Windsor Reservoir and Canal Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• Loan Projects - Doc Type: Feasibility Study

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JAMES W. STOCKOVER
Certified Public Accountant
P.O. Box 291
Fort Collins, Colorado 80522
970f482-3727

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The Board of Directors

The Windsor Reservoir and Canal Company

Eaton, Colorado

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I have reviewed the accompanying statement of cash receipts and disbursements
of The Windsor Reservoir and Canal Company (a corporation) for the year ended
December 31, 2002, in accordance with Statements on Standards for Accounting and
Review Services issued by the American Institute of Certified Public Accountants.
All information included in this financial statement is the representation of the
management of The Windsor Reservoir and Canal Company.

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A review consists principally of inquiries of Company personnel and analytical
procedures applied to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken as
a whole. Accordingly, I do not express such an opinion.

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Based on my review, I.am not aware of any material modifications that should
be made to the accompanying '~tement of cash receipts and disbursements in order
for it to be in conformity with~he cash basis of accounting, as described in Note
1a.

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January 21, 2003

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