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<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 />Bill Owens <br />Governor <br /> <br />March 19,2004 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Mr. Tom Gill, Manager <br />FL Gill H20 LLC <br />15335 US Highway 6 <br />Merino, CO 80741 <br /> <br />RE: Well Augmentation Project <br />Loan Approval <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Tom, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB) has <br />approved your loan request. We understand the loan will be used to construct a well <br />augmentation and groundwater recharge project. <br /> <br />The Board approved a Small Project loan from the Severance Tax Trust fund Perpetual Base <br />Account in an amount of $115,898 at the loan terms of 2.5% for 30 years, or 2.25% for 20 <br />years, at your option. The approval includes the provision for a 1 % loan service fee, which <br />will be funded from the loan proceeds. I have attached a copy of the updated Board memo <br />concerning the FL Gill H20 LLC. Please refer to page 4 of that memo and to the section <br />"Action taken by the CWCB March 17,2004." <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is reauired. John Van Sciver has reviewed the study titled. <br />"Feasibility of Construction of the FL Gill H20 LLC Augmentation Project" prepared by <br />Brent Nation, P.E. The report meets the requirements of the CWCB Construction Fund <br />Guidelines for feasibility studies, and has been accepted. <br /> <br />b) An approved contract must be in place before funds can be advanced. Jan IlIian has <br />placed this project on our "hot list" and has started the loan contracting process with a <br />goal of having a signed contract in place as soon as possible. Once the contract is <br />finalized the Company may request loan funds to cover eligible project expenditures. <br />