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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natura] Resources <br />1313 Shemlan Street, Room 721 <br />Denver, Colorado 80203 <br />Phooe:{JOJ)866-)441 <br />FAX: (30J) 8664474 <br />www.cwcb.state.CO.U5 <br /> <br /> <br />December 6, 2001 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Robert D. Polich <br />Administrator <br />East Dillon Water District <br />P.O. Box 627 <br />Frisco, Colorado 80443 <br /> <br />GregE.Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Loan for Purchase of Water Rights <br /> <br />Dear Mr. Polich: <br /> <br />/ <br /> <br />I am pleased to inform you that, at the November 20,2001 meeting of the Colorado \Vater <br />Conservation Board, the Board recommended a Construction Fund loan of up to $2,550,000 to the <br />East Dillon Water District (EDWD) for the purchase of water rights and other assets listed in: (1) <br />the Purchase Agreement of December 2000 between the Vidler Water Company and the EDWD, <br />and, (2) the Assignment Agreement of December 2000 between the City of Golden, the Vidler <br />Water Company and the ED\VD (excluding an interest in the augmentation plan in Case No. <br />97C\V305). The teml of the loan is for 30 years and the approved lending rate is 4.25 percent. <br /> <br />The Board's action on the $2,550,000 loan request will be included in the year 2002 CWCS Water <br />Projects Bill and is subject to authorization by the General Assembly. If authorized by the General <br />Assembly, the loan funds should be available in June of2002. It is expected that the District will <br />pledge District revenues backed by a rate covenant and annual financial reporting as well as the <br />water rights and wells to be acquired by the loan proceeds as security for the loan. <br /> <br />The Board's recommendation for funding is conditioned upon the following: <br /> <br />1. The EDWD will submit a completed feasibility study acceptable to the C\VCB staff. <br /> <br />2. The EDWD will provide documentation as may be required by the C\VCS staff to make a fmal <br />determination of feasibility regarding any of the assets listed in the December 2000 Purchase <br />Agreement and the December 2000 Assignment Agreement. <br /> <br />3. The ED\VD will obtain such other financing as may be necessary to complete the acquisition of <br />the water rights and other assets described above. <br /> <br />4. The ED\VD will hold an Amendment One election in 2002 to allow the District to incur debt <br />and to repay the cwes loan. <br /> <br />Flood Protection. Water Supply Planning and Fmance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />