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<br /> <br />RECEIVED <br />MAR 0 4 1997 <br /> <br />~1( ~ <br />cwuB <br /> <br />GALE A. NORTON <br />Attorney General <br /> <br />MARTHA PHILLIPS ALLBRIGIIT <br />Chief Deputy Attorney General <br /> <br />RICHARD A. WESTFALL <br />Solicitor General <br /> <br />Colorado Water <br />Conservation Board <br />STATE OF COLORADO STATE SERVICES BUILDING <br />1525 Shennan Street - 5th Floor <br />DEPARTMENT OF LAW Denver(: Colorado 80203 <br />Phone 303) 866-4500 <br />OFFICE OF THE ATIORNEY GENERAL FAX (303) 866-5691 <br /> <br />January 10, 1997 <br /> <br />Richard Dangler <br />Town of Minturn <br />P.O. Box 309 <br />Minturn, Colorado 81645-0309 <br /> <br />RE: Draft Colorado Water Conservation Board Loan Contract With <br />the Town of Minturn/Town of Minturn Water, Sanitation and <br />Recreation Activities Enterprise <br /> <br />Dear Mr. Dangler: <br /> <br />Enclosed for your review is a draft of the above-referenced <br />loan contract. For your convenience, I have drafted the <br />following list of questions/issues that need to be addressed by <br />the CWCB and the Town prior to finalizing the contract. <br /> <br />1. The Town and the Enterprise will need to adopt ordinances <br />authorizing each entity to take the actions listed in Paragraph 7 <br />on page 4 o~ the contract, and submit copies of the ordinances as <br />adopted to the CWCB with the signed contract. We would be happy <br />to review the draft ordinances to ensure that they meet the <br />contract requirements. <br /> <br />2. The Town has not yet identified the form of collateral it <br />wishes to use to secure the loan. Diane Barrett and I discussed <br />the possibility of the Town using a certificate of deposit <br />account, surety bond, or irrevocable letter of credit as <br />collateral. The contract will need to be revised accordingly <br />after the CWCB and the Town agree upon the form of collateral. <br /> <br />3. Please note the insurance requirements set forth in the <br />contract in Paragraphs 4 and 5 on pages 3 and 4. The Town must <br />submit both an additional insured endorsement and a certificate <br />of insurance for each policy to the CWCB prior to the <br />disbursement of loan funds under the contract. <br /> <br />4. Please note that Paragraph 8 on page 5 of the contract <br />requires the Town/Enterprise to provide the CWCB with an attorney <br />opinion letter. The letter must be submitted"with the signed <br />contract. <br />