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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 />November 24, 2003 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Mike Hungenberg, President <br />New Cache La Poudre Irrigating Company <br />P.O. Box 104 <br />Lucerne, Colorado 80646 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />RE: Loan for New Cache La Poudre Irrigating Company Reservoirs and Pipeline <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Mr. Hungenberg: <br /> <br />I am pleased to inform you that on November 20, 2003 the Colorado Water Conservation Board <br />(CWCB) recommended your loan to the General Assembly for approval. Your loan request will be <br />included in the 2004 Water Project Construction Bill. Loan funds will be authorized in Spring 2004, <br />once the Governor has signed the bill. I understand that the loan will be used to construct an equalizer <br />reservoir, two additional storage reservoirs, and a pumping station and pipeline. <br /> <br />The Board approved a loan in a maximum amount of $7,272,000 (including the 1 % loan service charge) <br />with loan terms of 2.50% per annum for 30 years. I have attached a copy of the updated Board memo <br />that includes a section "Action taken by the CWCB on November 20, 2003." <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. Bruce Johnson has reviewed the study titled <br />"Feasibility Study for New Cache La Poudre Irrigating Company Reservoirs and <br />Pipeline - October 2003. " Please continue to work with Bruce on the minor revisions <br />necessary to finalize this report. The report, in combination with the CWCB board <br />memo dated November 7,2003 will meet the requirements of the CWCB Construction <br />Fund Guidelines for feasibility studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. Jan lllian will <br />place this project on our contracting "hot list" and will initiate the loan contracting <br />process. Once the contract is finalized the Company may request loan funds to cover <br />eligible project expenses. For future reference Jan's phone number is 303-866-3462. <br /> <br />c) You must adhere to the CWCB Design and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Tim will make construction inspections, which will <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />