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<br />. <br /> <br />STATE ca=OLORI\DO <br />~. <br />~ <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />721 Centennial Building <br />1 31 3 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E. Walcher <br />Executive Director, DNR <br /> <br />February 12, 1999 <br /> <br />Peter H. Evans <br />Acting Director, CWCS <br /> <br />Mr. Duane Aranci, President <br />North Poudre Irrigation Company <br />3729 Cleveland Avenue <br />Wellington, Colorado 80549 <br /> <br />Re: North Poudre System Rehabilitation Projects <br /> <br />Dear Mr. Aranci: <br /> <br />I am writing to confirm that at the January 27, 1999 meeting of the Colorado Water Conservation <br />Board, the Board recommended a Construction Fund loan of $1,107,000, not to exceed 90 <br />percent of actual project costs, to the North Poudre Irrigation Company for rehabilitation projects <br />on Reservoir No.4, Reservoir No.5, and Indian Creek Reservoir. The term ofthe loan is for up <br />to 20 years and the approved lending rate is 4.04 percent. <br /> <br />The Board's action on the $1,107,000 loan request wili.be included in the 1999 CWCB <br />legislation (SB 99-173) and is subject to authorization by the General Assembly. If authorized <br />by the General Assembly, the proceeds for this loan should be available in mid-1999. <br /> <br />As security for the loan, it is expected that the Company will pledge revenues from assessments <br />as well as collateral equal or greater in value than the principal amount of the loan. As a <br />condition of recommending a loan for 90 percent ofthe estimated costs of these three projects, <br />the Board requested that the Company also provide.... additional collateral to better secure the <br />principal balanc"e on four existing Construction Fund loans with contract nos. C153385, <br />C153449, C153496, and C153572. This collateral can be the same as the collateral for the new <br />loans so long as the value of the collateral is equal to or greater than the total principal balance <br />on all loans. <br /> <br />Should the Company choose not to offer additional collateral for the four existing loans, the loan <br />for the three rehabilitation projects would be in an amount not to exceed 75 percent of estimated <br />project costs, or about $922,000. <br />