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<br />:;, <br /> <br />STATE OF COLORADO <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) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />July 21,2005 <br /> <br />Bill Owens <br />Governor <br /> <br />Pete Kasper, Secretary/Manager <br />Overland Ditch and Fteservoir Company <br />1323 - 2900 Ftoad <br />Hotchlciss, CO 81419-9475 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />FtE: Overland Fteservoir Ftehabilitation Project Loan <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Mr. Kasper: <br /> <br />I am pleased to infOIlIl you that on July 18, 2005 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to increase the reservoir storage <br />capacity to its conditionally decreed capacity. <br /> <br />The Board approved a loannotto exceed $1,141,300 ($1,130,000 for project costs and $11,300 for the <br />1 % Loan Service Fee) with loan terms of2.5% per annum for 30 years. I have attached a copy of the <br />updated Board memo that includes a section "Action ta1cen by the CWCB on July 18, 2005. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) Feasibility Study: Kirlc Ftussell has reviewed the study titled "Feasibility of Restoration <br />- Overland Reservoir, May 2005." Modifications may be requested by Mr. Ftussell via <br />phone/fax or email in the next couple weelcs. The report, in combination with the <br />CWCB Board Memo dated July 12, 2005 will meet the requirements of the CWCB <br />Construction Fund Guidelines for feasibility studies. <br /> <br />b) Contracting: An approved contract must be in place before funds can be advanced. <br />Chad Henderson will initiate the loan contracting process for this project. Once the <br />contract is finalized the Company may request loan funds to cover eligible project <br />expenses. You can contact Chad Henderson at 303-866-3462. <br /> <br />c) Design/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Tim Feehan will contact you regarding the CWCB <br />requirements concerning project bidding, design, and construction. Tim will make <br />construction site visits, which will be the basis of the monthly pay estimates for <br />disbursement of your loan funds. You can contact Tim Feehan at 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 />