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<br />'\ <br />" <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />1313 Shf!rman Street, Room 721 <br />Denver, Color<\do a0203 <br />Phone: (303) 866-3441, <br />FAX: (303) 866.4474 <br />www.cwcb.state.co.us <br /> <br />STATE OF COLORADO <br /> <br />a <br /> <br />.' <br /> <br />December 4,2001 <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />eweB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Mr. James McGrady <br />. Utility Director <br />City of Fountain <br />102 So. Main Street <br />Fountain, Colorado 80817 <br /> <br />Re: Keeton Reservoir Loan <br /> <br />Dear Mr. McGrady: <br /> <br />I am pleased to inform you that, at the November 20,2001 meeting ofthe Colorado <br />Water Conservation Board, the Board recommended a Construction Fund loan of up to <br />$420,000 to the City of Fountain and the City's water enterprise fund for the <br />rehabilitation of Keeton Reservoir. The term of the loan is for ten years and the approved <br />lending rate is 3.25 percent. <br /> <br />The Board's action on the $420;000 loan request will be included in the year 2002 <br />CWCB Water Projects Bill and is subject to authorization by the General Assembly. If <br />authorized by the General Assembly, the loan funds should. be available in June of 2002. <br />It is expected that the City's water enterprise fund will pledge water system revenues <br />backed by a rate covenant and annual financial reporting as security for the loan. <br /> <br />The Board's recommendation for funding is conditioned upon the following: <br /> <br />1. The City will submit a completed feasibility study acceptable to the CWCB staff. <br /> <br />2. The State Engineer's Office and the CWCB staffmust approve the design of the <br />project. <br /> <br />3. All required permits will be obtained. <br /> <br />4. The City Council and the board ofthe water enterprise fund will adopt resolutions <br />approvrng the loan and the pledge of revenues. <br /> <br />Flood Protection · Water Project Planning and Financing. Stream and lake Protection <br />Water Supply Protection. Conservation Planning <br />