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<br />~5 <br /> <br />STATE 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) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />May 23,2002 <br /> <br />Bill Owens <br />Governor <br /> <br />GregE. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Mr. Carter T. Jackson, President <br />Glenwood Irrigation Co. <br />P.O. Box 27 <br />Glenwood Springs, CO 81602 <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Rehabilitation of Siphon <br />Small Project Loan Approval <br /> <br />Dear Carter, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB) approved your <br />Small Project Loan request on May 20, 2002. The loan is for rehabilitation of the older portion of <br />the siphon on the Glenwood Ditch. <br /> <br />The Board approved a Small Project Loan from the Construction Fund in a maximum amount of <br />$386,000. The loan terms are 4% for 30 years. I have attached a copy of the updated Board memo <br />concerning the Glenwood Irrigation Company. Please refer to page 4 of that memo and to the <br />section "Action taken by the CWCB May 20, 2002." <br /> <br />When the Board approves a Small Project Loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. John Van Sciver has reviewed the draft study titled "Feasibility <br />of Construction of a new Siphon" by Jim Wells of the Glenwood Irrigation Company. The report, <br />in combination with the CWCB board memo dated May 8, 2002, meets the requirements of the <br />CWCB Construction Fund Guidelines for feasibility studies. Please submit two copies of the <br />final study for our files. <br /> <br />b) An approved contract must be in place before funds can be advanced. Jan IIlian has placed <br />this project on our contracting "hot list" and has initiated the loan contracting process. I <br />understand that Phase I of the project will be constructed in fall 2002, and that the Company <br />will need funds to pay contractor bills on or about October 1, 2002. Our goal is to have the loan <br />contract signed by all parties to meet these scheduled dates. <br />