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i ' -, STATE OF COLORADO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Room 721 Denver, Colorado 80203 Phone:~03)86~3441 FAX: (303) 8664474 www.cwcb.state.co.us Bill Owens Governor November 24, 2003 Greg E, Walcher Executive Director Rod Kuharich CWCB Director Mr. Tom Gill, Treasurer Johnson and Edwards Ditch Co. 15335 US Hwy 6 Merino, CO 80741 RE: Well Augmentation Project Loan Approval Dan McAuliffe Deputy Director Dear Tom, I am pleased to inform you that the Colorado Water Conservation Board (CWCB) has approved your request for a loan from the Construction Fund. We understand the loan will be used to construct a well augmentation and groundwater recharge project, and to purchase water rights. The Board approved a Small Project loan from the Construction Fund in an amount of $133,825 at the loan terms of 2.5% for 30 years or 2.25% for 20 years, at the Company's option. The approval includes the provision for a 1% loan service fee, which will be funded from the loan proceeds. I have attached a copy of the updated Board memo concerning the Johnson and Edwards Ditch Company. Please refer to page 4 of that memo and to the section "Action taken by the CWCB November 20, 2003." When the Board approves a loan there remain several conditions: a) A Feasibilitv Study is required. John Van Sciver has reviewed the study titled "Feasibility of Construction of the Johnson and Edwards Ditch Company Augmentation Project" prepared by Brent Nation, P.E. The report meets ,the requirements of the CWCB Construction Fund Guidelines for feasibility studies and has been accepted. b) An approved contract must be in place before funds can be advanced. Jan IIlian has placed this project on our "hot list" and will initiate the loan contracting process with a goal of having a signed contract in place by early 2004. Once the contract is finalized the Company may request loan funds to cover eligible project expenditures.