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<br />., <br /> <br />STATE OF COLORI\DO <br />.~ <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866.4474 <br /> <br />August 28, 1998 <br /> <br />Roy Romer <br />Governor <br /> <br />J~ mes S. Lochhead <br />Execulive Direcror, DNR <br /> <br />DMies C. Lile, P.E. <br />Director, eWeB <br /> <br />Board of Directors <br />Purgatoire River Water Conservancy District <br />314 West Main Street <br />Trinidad, CO 81082 <br /> <br />Re: Trinidad Project Refinancing <br /> <br />Gentlemen: <br /> <br />As you may recall, the Colorado Water Conservation Board has given conditional <br />approval for two loans to the Purgatoire River Water Conservancy District for the <br />purpose of retiring the District's debt to the Bureau of Reclamation for irrigation capacity <br />in the Trinidad Reservoir Project The two CWCB loans were authorized by the <br />legislature in SB 97-008 and in HB 98-1189 for $500,000 each or a total to date of <br />$1.0 million. <br /> <br />The Board's recommendation was made subject to the following conditions: <br /> <br />1. Prior to entering into a contract for a CWCB loan, the District will provide the <br />CWCB staff with: <br /> <br />. documentation as to the Congressional and Bureau of Reclamation <br />authorization for retiring the existing loan , <br /> <br />. the exact authorized payoff amount for the existing loan, and <br /> <br />. financial projections and documentation, as may be requested by staff, <br />demonstrating that District revenues will be adequate to cover all <br />foreseeable operating and maintenance expenses as well as all debt service <br />likely to be incurred in the foreseeable future. <br /> <br />2. The District will provide the Director of the CWCB with an annual audited <br />report of the District's financial condition for each year of the period of <br />CWCB debt retirement and will provide the Director with a letter of <br />explanation of the circumstances in which the sum of operating expenses plus <br />debt service exceeds District revenues in any year in which such an event may <br />occur. <br />