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<br />. <br /> <br />STATE ~ COLORADO <br /> <br />o <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1 31 3 Sherman Street <br />Denver, Colorado 80203 <br />Phone: 1303) B66-3441 <br />FAX: (3031 866-4474 <br /> <br />August 21,1998 <br /> <br />Roy Romer <br />Governor <br /> <br />l",mesS. Lochhead <br />Executive Direaor, DNR <br /> <br />OariesC. Lile,P.E. <br />Director, ewee <br /> <br />Mr. Ronald Brinkman, General Manger <br />Greeley & Loveland Irrigation Company <br />808 23m Avenue <br />Greeley, CO 80631 <br /> <br />RE: Rehabilitation of Horseshoe #2 Outlet <br />Emergency Loan Approval <br /> <br />Dear Mr. Brinkman, <br /> <br />Concerning your application for an Emergency Loan from the Construction Fund, I am pleased to <br />inform you the Colorado Water Conservation Board (CWCB) at their July 1998 meeting <br />unanimously approved your request for a construction loan to rehabilitate the main outlet of <br />Horseshoe #2 Reservoir. The Board also approved a small grant to help complete the feasibility <br />study. <br /> <br />I The Board found that a delay in the rehabilitation of the main outlet at the Horseshoe #2 <br />Reservoir would cause undue hardship for the water users, qualifying the Greeley and Loveland <br />Irriga(ion Company for a loan from the Small Project Loan Account. This will save valuable <br />time since your project will not have to be approved by the Legislature in the Board's annual <br />Construction Fund bill, <br /> <br />The Board approved a loan from the Small Project Account of the Construction Fund in a <br />maximum amount of $75,000, or 75 -percent of the total project costs, whichever is less, The <br />fmancing terms for this loan shall be at an annual percentage rate of 4, 2 I-percent for a duration <br />of 30 years. Eligible costs include, but are not limited to, engineering design and construction. <br />Collateral for the Small Project Loan shall be a security interest in the stream of income derived <br />from assessments, and other sufficient collateral as determined by the CWCB Director. <br /> <br />The Board also approved a grant from the Severance Tax Operational Account, in a maximum <br />amount of $2,500, not to exceed 50% of the total study cost, to help pay for the cost of the <br />feasibility study, <br /> <br />The Board approved your Emergency Loan with the following conditions: <br /> <br />a, A feasibility study in compliance with CWCB Guidelines for Financial Assistance must <br />be completed, A copy of the Guidelines is attached and has been provided to your <br />