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<br />ST A TE 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 />Bill Owens <br />Governor <br /> <br />December 12, 2005 <br /> <br />Russell George <br />Executive Director <br /> <br />Mr. Burton Kross, Manager/Member <br />Buffalo Farms Water Development, LLC <br />1743 C.R. 25 <br />Merino, CO 80741 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Rick Brown <br />Acting Deputy <br />Director <br /> <br />Re: Buffalo Farm Well AugmentationlRecharge Project - Loan Amendment Approval <br /> <br />Dear Mr. Kross: <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board approved your loan <br />request on November 16, 2005. The loan is for the Buffalo Farms Water Development Well <br />AugmentationlRecharge Proj ect. <br /> <br />The Board approved an increase of$81,810 ($81,000 for project costs and $810 for the 1 % loan <br />origination fee, in accordance with CWCB Policy No. 16) from the 2005 Severance Tax Fund, for a new <br />total amended loan amount of$277,245. The loan will be at an interest rate of2.25% for 20-years. I <br />have attached a copy of the updated Board memo concerning the Buffalo Farms Water Development <br />Well AugmentationlRecharge Project. Please refer to page 4 of that memo and to the Section "Action <br />taken by the CWCB on November 16, 2005". <br /> <br />The Board's approval was based on the Company meeting the following conditions. <br /> <br />I. An approved contract must be in-place before loan funds can be advanced. Chad Henderson <br />with our office will be contacting you to initiate this process in the near future. If you should <br />have any questions, Chad's phone number is 303-866-3462. <br /> <br />2. You must adhere to CWCB's Standard Contracting Provisions. <br /> <br />3. The authorization will not commit the Colorado Water Conservation Board to provide any <br />further additional funding for the Well AugmentationlRecharge Project. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />