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STATE OF COLORADO <br />Colorado Water Conservation Board <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 />November 24, 2008 <br />Mrs. Denice Wagner, Secretary <br />Bijou Irrigation District <br />P.O. Box 972 <br />Fort Morgan, CO 80701 <br />Bill Ritter, Jr. <br />Governor <br />Harris D. She�man <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />Dan McAuliffe <br />CWCB Deputy Director <br />Re: Bijou Irrigation District — C150259 Empire Reservoir East Dam Loan Amendment Approval <br />Dear Mrs. Wagner: <br />I am pleased to inform you that the Colorado Water Conservation Board approved your <br />loan request on November 19, 2008. The Board approved an increase of $2,045,250 <br />($2,025,000 for project costs and $20,250 for the 1% loan service fee) from the 2008 Severance <br />Tax Fund, for a new total amended loan amount of $4,454,100 ($4,410,000 for project costs and <br />$44,100 for the 1% loan service fee). The loan will be at an interest rate of 2.25% for 30-years. <br />I have attached a copy of the updated Board memo concerning the Bijou Irrigation District's <br />request. Please refer to page 5 of that memo and to the Section "Action taken by the CWCB on <br />November 19, 2008". <br />The Board's approval was based on the Company meeting the following conditions. <br />An approved contract must be in-place before loan funds can be advanced. Vaughn <br />McWilliams, with our office will be in contact with you to initiate this process. If <br />you should have any questions, Vaughn's phone number is 303-866-3441, ext 3227. <br />2. You must adhere to CWCB's Standard Contractin� Provisions. <br />3. Final a�proval of the loan contract will be conditional upon the District's election. <br />Vaughn McWilliams will verify that the District has received voter approval to <br />increase debt to cover the approved loan increase. <br />4. The authorization will not commit the Colorado Water Conservation Board to provide <br />any further additional funding for the Bijou Irrigation District Empire Reservoir East <br />Embankment Dam Repair Project. <br />Water Supply Protection • Watershed Protection & Fiood Mitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water Conservation & Drought Planning • Intrastate Water Management & Development <br />