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<br />- <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 />www.cwcb.state.co.us <br /> <br /> <br />May 23, 2007 <br /> <br />Bill Owens <br />Governor <br /> <br />Russell George <br />Executive Director <br /> <br />Eric Lindgren, President <br />Black Dike Pipeline Company <br />14531 Road G <br />Cortez, CO 81321 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Black Dike Ditch Pipeline Project <br /> <br />Dear Mr. Lindgren: <br /> <br />I am pleased to inform you that on May 22,2007 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to pay for the design and <br />installation of pipe, meters, vents, and other appurtenances in the Black Dike Ditch alignment. <br /> <br />The Board approved an initial loan not to exceed $603,980 ($598,000 for project costs and $5,980 for <br />the 1 % Loan Service Fee). The Board also approved a post-construction loan not to exceed $212,980 <br />($207,000 for project costs and $5,980 for the 1 % Loan Service Fee) with loan terms of2.85% per <br />annum for30 years. I have attached a copy of the updated Board memo that includes the Board's <br />approval of the Staff Recommendations which includes supplemental conditions that must be met <br />before a Loan Contract can be executed. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) Feasibilitv Study: Kirk Russell has reviewed the study titled "The Black Dike Ditch <br />Pipeline Project, Aprill, 2007". Modifications may be requested by Mr. Russell via <br />phone/fax or email in the next couple days. The approved study, in combination with the <br />CWCB Board Memo revised May 23,2007, will meet the requirements of the CWCB <br />Construction Fund Guidelines for loan feasibility studies. <br /> <br />b) Contracting: An approved contract must be in place before funds can be advanced. <br />Vauglm McWilliams will initiate the loan contracting process for this project. Once the <br />contract is finalized the Company may request loan funds to cover eligible project <br />expenses. You can contact Vaughn at (303) 866.3462 regarding the requirements. <br /> <br />c) Design/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Tim Feehan will contact you regarding the requirements <br />concerning construction. Tim will make construction site visits, which will be the basis <br />of pay estimates for disbursement of your loan funds. You can contact Tim at his office <br />at (303) 866.3480 or cell phone (303) 618.5010. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />