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STATE OF COLORADO <br />Colorado Water Conservation Board <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 />September 17, 2004 <br />Mr. Oran White, President <br />Mancos Valley Beaver Ditch Company <br />P.O. Box 308 <br />Mancos, CO 81328 <br />RE: Mancos Valley Beaver Ditch Pipeline Project Loan <br />Dear Mr. White: <br />sill Owens <br />Governor <br />Russell George <br />Executive Director <br />Rod Kuharich <br />CWCS Director <br />Dan McAuliffe <br />Deputy Director <br />I am pleased to inform you that on September 14, 2004 the Colorado Water Conservation Board <br />(CWCB) approved your loan request. We understand that the loan will be used to install a new pipeline <br />to increase ditch efficiency and reduce salinity impacts on the downstream rivers including the <br />Colorado River.. <br />The Board approved an initial loan not to exceed $413,000. The Board also approved apost- <br />construction loan not to exceed $107,100 ($103,000 for project costs and $4,130 for the 1 % Loan <br />Service Fee) with loan terms of 2.5% per annum for 30 years. I have attached a copy of the updated <br />Board memo that includes a section "Action taken by the CWCB on September 14, 2004". Please note <br />the added change regarding Collateral requirements. <br />When the Board approves a loan there remain several conditions: <br />a) A Feasibility Stud iy s r_ aired Kirk Russell has reviewed the study titled "The Mancos <br />Valley Beaver Ditch Pipeline Project -May 2004. " Modifications will be requested <br />by Mr. Russell via phone/fax or email in the next couple weeks. The report, in <br />combination with the CWCB board memo dated September 7, 2004 will meet the <br />requirements of the CWCB Construction Fund Guidelines for feasibility studies. <br />b) An approved contract must be in glace before funds can be advanced Jan Illian will <br />uutlate the loan contracting process for this project. Once the contract is finalized the <br />Company may request loan funds to cover eligible project expenses. You can contact <br />Jan Illian at 303-866-3462. <br />c) You must adhere to the CWCB Design and Construction Administration Procedures <br />Tun Feehan wlll contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Tim will make construction site visits, which will be <br />Flood Protection • Water Supply Planning and Finance • Stream and Lake Protection <br />Water Supply Protection • Conservation and Drought Planning <br />