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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br /> <br />STATE OF COLORADO <br /> <br />S <br /> <br />Roy Romer <br />Governor <br /> <br />October 23, 1997 <br /> <br />James S. Lochhead <br />Executive Diredor. DNR <br /> <br />Daries eLite, I'E. <br />Director. CWCB <br /> <br />Memo of Meeting: Horse Creek Water User's Association. <br /> <br />The following people attended the meeting: Jack Post, Carl Stogsdill, and Tom Dole of HCWUA. <br />John VanSciver and Jan Illian of the CWCR Linda Bassi of the Attorney Generals Office. <br /> <br />Concerning the loan contract, the following was decided: <br /> <br />I. Eliminate the requirement to establish a specific debt reserve account by making a III Oth annual <br />payment ($3,569.15) each year into a separate account. The HCWUA will still be required to <br />have adequate reserves for annual debt payments on the CWCB loan. <br /> <br />2. Retain the specifics of loan repayment as $30,158.49 for the first 5 years, and $37,058.57 for <br />the remaining 35 years of the loan contract. This provides an interest rate of3% on the loan. <br /> <br />3. Concerning the interest income from the escrow account designated for the purchase of the Box <br />Springs water right, the HCWUA may use interest earning from the account for any HCWUA <br />expenses, and are allowed to use up to $20,000 in principal to lease the Box Springs right, prior <br />to actual purchase of the right. <br /> <br />4. Retain the requirement that the CWCB will advance loan funds for the Box Springs escrow <br />account, and for the payment of legal, engineering and other costs associated with establislunent <br />of the augmentation plan. The HCWUA will not be advanced CWCB loan funds, until needed <br />for these purposes. <br /> <br />5. Remove reference to the Preisser prepayment of association dues from the contract. <br /> <br />John VanSciver <br /> <br />D: WP51/mswordIHorseCreek.memo <br />