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<br />STATE 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 9,2004 <br /> <br />Russell George <br />Executive Director <br /> <br />Mr. Ken Beck, President <br />Pine River-Bayfield Ditch Company <br />P.O. Box 3345 <br />Durango, CO 81302 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Pine River-Bayfield Ditch Company Siphon Replacement - Loan Amendment Approval <br /> <br />Dear Mr. Beck: <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board approved your loan <br />request on November 17, 2004. The loan is for the Pine River-Bayfield Ditch Company Siphon <br />Replacement Project. <br /> <br />The Board approved an increase of $30,300 ($30,000 for project costs and $300 for the 1 % loan <br />origination fee, in accordance with CWCB Policy No. 16) from the 2004 Construction Fund, for a new <br />total amended loan amount of$232,300. The loan will be at an interest rate of2.75% for 30-years. I <br />have attached a copy of the updated Board memo concerning the Pine River-Bayfield Ditch Company <br />request. Please refer to page 4 of that memo and to the Section "Action taken by the CWCB on <br />November 17,2004". <br /> <br />The Board's approval was based on the Company meeting the following conditions. <br /> <br />1. 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 Siphon Replacement Project. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />