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<br />__"1....r c:t~... <br /> <br />2. The District will provide the Director of the CWCB with an annual audited report <br />of the District's financial condition for each year of the period of CWCB debt <br />retirement and will provide the Director with a letter of explanation of the <br />circumstances in which the sum of operating expenses plus debt service exceeds <br />District revenues in any year in which such an event may occur. <br /> <br />As security for the loan, it is expected that the District will pledge District revenues and a <br />certificate of deposit equivalent in amount to two annual CWCB loan payments. <br /> <br />Please keep us advised at to the District's progress in obtaining authorization for the retirement <br />of the Bureau of Reclamation loan. On behalf of the Board and the staff, I would like to thank <br />you for applying for a loan with the Colorado Water Conservation Board. <br /> <br />Sincerely, <br /> <br />/3~ <br /> <br />k William P. Stanton, P.E. <br />Chief, Project Planning and Construction Section <br /> <br />cc: Alan Hamel, Board Member <br />Chuck Lile <br />Bill Green <br />Linda Bassi, AGO <br />Thelma Lujan, PRWCD <br />Jeris Danielson, Danielson & Assoc. <br />Sandy MacDougall, Esq. <br /> <br />2 <br />