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<br />.' <br /> <br />GI5V);)J-!-- <br /> <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 />vvww.cwcb.state.co.us <br /> <br /> <br />Bill Owens <br />Governor <br /> <br />December 4, 2002 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />eweB Director <br /> <br />Mr. Steven Shultz, President <br />Shultz Farm, Inc. <br />21475 Weld County Road 19 <br />Milliken, CO 80543 <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Hill Lake Rehabilitation <br />Loan Approval <br /> <br />Dear Steve, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB) has <br />approved your request for a Small Project Loan from the Construction Fund. I understand <br />. the loan will be used to rehabilitate and enlarge the Hill Lake. <br /> <br />The Board approved a loan in a maximum amount of $400,000. The loan terms are 2.75% <br />for 30 years. I have attached a copy of the updated Board memo concerning Shultz Farm, <br />Inc. Please refer to page 3 of that memo and to the section "Action taken by the CWCB <br />November 26, 2002." <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 Rehabilitation of the Hill Lake" prepared by the Company. The report <br />meets the requirements of the CWCB Construction Fund Guidelines for feasibility <br />studies. <br />