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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <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 />STATE OF COLOMDO <br /> <br />Q <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Michael 1. Smith <br />Administrative Services Director <br />Town of Erie <br />PO Box 750 <br />Erie, Colorado 80516 <br /> <br />Greg E. walcher <br />Executive Director <br /> <br />Rod Kuharich <br />eWeB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />April 20, 2001 <br /> <br />Re: Loan Contract No. C153668 <br /> <br />Dear Mr. Smith: <br /> <br />At the March 26,2001 meeting of the Colorado Water Conservation Board (CWCB), the Board <br />approved the Town of Erie's request to defease the Town's Construction Fund loan under <br />contract number C153668 dated March 3, 1994. It is understood that the Town will establish a <br />30-year annuity composed of U.S. government securities for full repayment of the defeased loan. <br />The annuity will be serve as collateral for the loan and the Board will release its security interest <br />in the pledged revenues and the allotment contract for capacity in the Southern Water Supply <br />Proj ect. <br /> <br />As a condition of Board approval, the Town of Erie will provide CWCB staff with all requested <br />documentation regarding the proposed annuity and the arrangements for an irrevocable trust in <br />favor of the CWCB including a certificate from a certified public accountant verifying that <br />adequate funds will be available from the annuity for loan repayment in each year of debt <br />retirement. <br /> <br />Please coordinate with Linda Bassi of the Attorney General's Office (303-866-5047) on all <br />matters related to contracting. She will be responsible for amending the contract documents. <br /> <br />S~JJ <br /> <br />Mike Serlet, P .E. <br />Chief, Water Supply Planning and Finance Section <br /> <br />Cc: Eric Wilkinson, Board Member <br />Rod Kuharich <br />Dan McAuliffe <br />Bill Green <br />Jan Illian <br />Steve Biondo <br />Linda Bassi, AGO <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />