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<br />STATE OF COLORADO <br /> <br />. <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) 8664474 <br />www.cwcb.state.co.us <br /> <br /> <br />November 22, 2006 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Kevin Schmidt, President <br />Platte Valley Irrigation Company <br />1135 8th Avenue, Suite B <br />Greeley, Colorado 80632 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />RE: Loan for Platte Valley Reservoir No. 1 - Equalizer Reservoir <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Kevin: <br /> <br />I am pleased to inform you that on November 13,2006 the Colorado Water Conservation Board <br />(CWCB) approved your loan request. We understand that the loan will be used to construct an <br />equalizer reservoir, the Platte Valley Reservoir No.1, and to add additional measurement and <br />control structures on the Evans No.2 Ditch. The Board approved a loan in a maximum amount <br />$2,388,650 (including the 1 % loan service charge) with loan terms of2.25% per annum for 20 years. I <br />have attached a copy ofthe updated Board memo that includes a section "Action taken by the CWCB <br />on November 13, 2006. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. Bruce Johnson has reviewed the study titled <br />"Feasibility Study for Platte Valley Reservoir No. i-October 2006." No further action <br />is required of you on this item. The report, in combination with the CWCB board memo <br />dated November 6,2006 will meet the requirements of the CWCB Water Project Loan <br />Program Guidelines for feasibility studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. Vaughn <br />McWilliams will place this project on our contracting "hot list" and will initiate the loan <br />contracting process. Once the contract is finalized the Company may request loan funds <br />to cover eligible project expenses. For future reference Vaughn's phone number is <br />303-866-3462. <br /> <br />c) You must adhere to the CWCB Design and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Tim will make construction inspections, which will <br />be the basis of the monthly pay estimates for disbursement of your loan funds. Tim's <br />phone number is 303-866-3480. <br /> <br />Flood Protection · Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />