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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Water Supply Planning & Finance Section <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 22, 2004 <br /> <br />Russell George <br />Executive Director <br /> <br />Young Creek Reservoir Company <br />Attn: Robert Morris, President <br />c/o Red Mountain Ranches <br />1948 Highway 65 <br />Cedaredge, Colorado 81413 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Subject: Loan Contract C150187 <br /> <br />Dear Mr. Morris: <br /> <br />Enclosed for review are the documents for Contract C150187 for the $197,354 loan <br />from the Colorado Water Conservation Board for initial rehabilitation on Young Creek <br />Reservoir 1-2. <br /> <br />The enclosed contract documents consist of the loan contract, project summary <br />(appendix 1), promissory note (appendix 2), proposed resolutions (appendix 3a and 3b) <br />security agreement (appendix 4) and deed of trust (appendix 5). <br /> <br />If the Company is satisfied with the enclosed documents, these documents are suitable <br />for signing. The president must sign each document (four copies of the contract, and <br />one copy each of the promissory note, security agreement and deed of trust) where <br />indicated by a "sign here" sticker, and the corporate secretary must attest all of the <br />signatures. A notary public must notarize the signatures on the deed of trust. <br /> <br />The following will need to be addressed during the contracting process. <br /> <br />1. Attorney Opinion Letter. The company's attorney must provide an opinion letter <br />pursuant to Paragraph AA of the loan contract. Since the Company's application <br />did not indicate the name of its attorney, a packet of information (copies of approval <br />letter and board memo, this letter and 'contract documents) is included with your <br />documents that you can provide to the Company's attorney. <br /> <br />2. Resolutions. The Company's shareholders and board of directors must adopt <br />resolutions to authorize the Company to enter into this contract, to perform and <br />observe all of the contractual terms, conditions and obligations, and to pledge the <br />,reservoir as collateral to assure repayment of the loan. Please provide a copy of the <br />resolutions with the date and place the meetings are held filled in. The date of the <br /> <br />Jan fllian - Phone 303-866-3462- Fax 303-894-2578 <br />