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<br />, <br /> <br />. <br /> <br />STATE ct: COLORI\DO <br /> <br />- <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 'Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />fAX: (303) 866-4474 <br /> <br />Roy Romer <br />Gov~rnOI <br /> <br />December 4, 1997 <br /> <br />James S. Lochhe<ld <br />Executive Director, DNR <br /> <br />Oaries C. lile, P.E. <br />Director, eWeB <br /> <br />Mr. Robert Schlagel <br />The Highland Ditch Company <br />4309 State Highway 66 <br />Longmont, CO 80504 <br /> <br />RE: Rehabilitation of Foothills Reservoir <br />Loan Recommendation <br /> <br />Dear Mr. Schlagel, <br /> <br />Concerning your application for a loan from the Construction Fund, I am pleased to inform you the <br />Colorado Water Conservation Board (CWCB) has decided to recommended your request for $1.04 <br />million to the General Assembly for consideration in the annual Construction Fund Bill. It is our <br />understanding the loan funds will be used to rehabilitate the Foothills Reservoir. The Board also <br />approved a grant in amount of $3000 to complete the feasibility study. <br /> <br />The CWCB approved a loan term of 30 years at an interest rate of 4%. I have attached a copy of <br />the updated Board memo concerning the Highland Ditch Company. Please refer to page 2 of that <br />memo and to the section "Action Taken by the CWCB, November 25, 1997". <br /> <br />When the Board recommends a loan request to be included in the Construction Fund Bill, there <br />remain several conditions: <br /> <br />a. The Bill must be approved bv the General Assemblv and signed bv the Governor. This <br />is usually accomplished around June 1 st. <br /> <br />b. The Highland Ditch Companv must pass a stockholder resolution. The resolution is <br />needed before we can complete the loan contract. Jan Illian (866-3441) will send you a <br />copy of the resolution. Please contact Jan if you need help with this requirement. <br /> <br />c. The draft Feasibility Studv must be completed. I will review the study to insure that the <br />content is in compliance with the Guidelines and statutory requirements. <br /> <br />d. An approved contract must be in place before funds can be advanced. Jan Illian will <br />contact you concerning our contracting procedure. It usually takes 2 to 3 months to <br />complete the contract. <br />