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<br />~ <br /> <br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1580 Logan Street, Suite 750 <br />Denver, Colorado 80203 <br />www.cwcb.state.co.us <br /> <br /> <br />Bill Owens <br />Governor <br /> <br />September 13, 2004 <br /> <br />FL Gill H20 LLC <br />c/o Hilde Kaiser <br />11213 W Ashbury Avenue <br />Lakewood CO 80227 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Subject: Loan Contract C150167 <br /> <br />Dear Ms. Kaiser: <br /> <br />Enclosed for review are the contract documents for the loan from the Colorado Water <br />Conservation Board (CWCB) to the LLC in the amount of $115,898 for the groundwater <br />recharge project. The draft contract documents consist of the loan contract, project <br />summary (appendix 1), promissory note (appendix 2), draft resolution (appendix 3), <br />security agreement (appendix 4), deed of trust (appendix 5a) and assignment of stock <br />certificate (appendix 5b). <br /> <br />The collateral for the CWCB loan consists of six shares in Riverside Reservoir and one <br />share in Jackson Lake Reservoir. In lieu of the six Riverside shares and one Jackson <br />Lake share, as we discussed, the CWCB would accept any of the existina stock <br />certificates that had a value equal to or in excess of the loan amount. <br /> <br />Depending on the collateral the LLC chooses to use, it must provide the original of (1) <br />stock certificates of the six separate Riverside shares, issued in "the name of the owner <br />and the Colorado Water Conservation Board as a lien holder," or (2) an existing <br />certificate for Riverside stock, and (3) the existing certificate for one share of Jackson <br />Lake stock. All of the original stock certificates will be held by the CWCB until the loan <br />is repaid. The Jackson Lake stock certificate will not need to be reissued indicating <br />CWCB as a lien holder. Instead, we will contact the Jackson Lake Reservoir Company <br />so they can note on their books that CWCB is a lien holder on that particular certificate. <br /> <br />One of the requirements of the loan contract is Paragraph A.6, Borrower's Authority to <br />Contract. This is normally in the form of a resolution and I have attached a draft as <br />Appendix 3. Pursuant to Paragraph 5.02.v of the LLC's Operation Agreement, the <br />resolution includes the language that the members unanimously approved the loan. <br /> <br />The attorney for the LLC must provide a letter of opinion in accordance with Paragraph <br />A.7 of the loan contract. <br /> <br />Jan fllian - Phone 303-866-3462- Fax 303-894-2578 <br />