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Buil Creek Reservoir, Canal & Power Company <br />Rehabilitation & Eniargement of Reservoir #4 <br />January 29, 2007 <br />Page 2 of 2 <br />1. Company shall payoff the current loan held by the Palisades National Bank which <br />has an estimated balance of $160,000. <br />2. Shareholders shall convey a security interest in the Company stock certificates to <br />CWCB in a quantity that exceeds 90% of all Company stock. <br />c) Desi�n/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Tim Feehan will contact you regarding this phase of tlie <br />process. Tim will make construction site visits, which will be the basis of pay estimates <br />for disbursement of your loan funds. You can contact Tim Feehan at his desk at 303- <br />866-3480 or cell phone 303.618.5010. <br />In addition, the Board de-authorized the previous Severance Tax Trust Fund Perpetual Base Account <br />loan to the Company for $599,940 for the project titled Reservoir Nos. 1, 2 and 4 Rehabilitation & <br />Enlargement proj ect. <br />On behalf of the Board, I would like to thank you for your interest in a loan from the Colorado Water <br />Conservation Board. <br />Sincerely, <br />s J /� <br />a �� ,� ,� J" <br />��' ° �i%�'—f' .�'�a.s',--f�� <br />/ <br />Mike Serlet, P.E., Chief <br />Water Supply Planning and Finance Section <br />Colorado Water Conservation Board <br />Attachment: Updated Board Memo <br />E-mail Copy (Including Attachments) <br />/ <br />� -.. <br />Kirk Russell, P.E. <br />Water Supply Planning and Finance Section <br />Colorado Water Conservation Board <br />John Reddifer, Board Member, Colarado River Drainage <br />Garrett Jackson, P.E., SEO Division 5, Dam Safety <br />Amy Stengel, AGO <br />CWCB Finance Section Staff <br />� <br />Flood Protection • Water Project Planning and Financing • Stream and Lake Protection <br />Water Supply Protection • Conservation Planning <br />