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<br />ST A~TE 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 />July 17, 2007 <br /> <br />Bill Ritter, Jr. <br />Governor <br /> <br />Mr. Dennis Hoshiko, President <br />Lower Latham Reservoir Company <br />P.O. Box 398 <br />Kersey, Colorado 80644 <br /> <br />Harris D. Sherman <br />Executive Director <br /> <br />Dan McAuliffe <br />Acting CWCB <br />Director <br /> <br />RE: Loan for Lower Latham Reservoir Company- Water Rights Purchase/Augmentation Project <br /> <br />Dear Dennis: <br /> <br />I am pleased to inform you that on July 12, 2007 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to acquire surface water <br />rights, a total of 6 shares of Lower Latham Ditch Company, for the purpose of providing <br />augmentation water for existing shareholder wells, and to install a flow measuring and monitoring <br />system to facilitate augmentation plan administration. The Board approved a loan in a maximum <br />amount $1,994,596 (including the 1 % loan service charge) with loan terms of2.25% per annum for <br />30 years. I have attached a copy of the updated Board memo that includes a section" Action taken <br />by the CWCB on July 12, 2007." <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. Bruce Johnson has reviewed the study titled <br />"Feasibility of the Lower Latham Reservoir Company Well Augmentation Project, May, <br />2007. " No further action is required of you on this item. The report, in combination <br />with the CWCB board memo dated July 2, 2007 will meet the requirements of the <br />CWCB Water Project Loan Program Guidelines for feasibility studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. Vaughn <br />McWilliams will place this project on our contracting "hot list" and will initiate the loan <br />contracting process. Once the contract is finalized the Company may request loan funds <br />to cover eligible project expenses. For future reference Vaughn's phone number is <br />303-866-3462. <br /> <br />c) You must adhere to the CWCB Design and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Tim will make construction inspections, which will <br />be the basis of the monthly pay estimates for disbursement of your loan funds. Tim's <br />phone number is 303-866-3480. <br /> <br />Flood Protection · Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br /> <br />-+--- " <br />