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<br />The Town has only recently finalized its decree for a water storage right in Bolts Lake. A new <br />conditional water storage right for 320 acre feet, the estimated capacity after rehabilitation, was decreed <br />by the Water Court in July 1999. Obtaining this decree involved a legal battle with MIC, and although <br />MIC eventually stipulated to the entry of the decree, the Town was forced to incur additional, <br />substantial legal and engineering expenses to get to that point. <br /> <br />The above described events have quite frankly depleted the Town's financial reserves at present. The <br />Town is anxious to move forward, but cannot do so until it has the permission of the landowner and <br />sufficient funds to finance the portion of the rehabilitation not covered by the loan (or the contribution <br />of the Colo. River Water Conservation District). The loan from the CWCB is essential to the Town's <br />ability to proceed with the project. This is not a pipedream project. Keeping the loan authorization in <br />place is appropriate so that the Town's limited resources don't have to be used to redo the work that has <br />already been done and continues to justify the loan in existence. <br /> <br />It is my sincere hope that this letter serves to clarify the issues we discussed with respect to the Bolts <br />Lake Dam rehab and I will be more than happy to appear before the Board in mid-November to <br />reiterate these points. Please send me some notification of the date, time, and place of the meeting. <br /> <br />Sincerely, <br /> <br /> <br />Alan . Lanning <br />Minturn Town Manager <br />