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<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 />February 7,2007 <br /> <br />Bill Ritter, Jr. <br />Governor <br /> <br />Mr. Vem Kammerzell, President <br />Seven Lakes Reservoir Company <br />808 23rd Street <br />Greeley, Colorado 80634 <br /> <br />Harris D. Sherman <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />RE: Loan for Dry Creek Railroad Crossing Rehabilitation <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Gary: <br /> <br />I am pleased to inform you that on January 23,2007 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to replace a deteriorating railroad <br />crossing culvert over the north outlet canal (also known as Dry Creek) from Lake Loveland. The <br />Board approved a loan in a maximum amount $772,842 (including the 1 % loan service charge) with <br />loan terms of2.95% per annum for 30 years. I have attached a copy of the updated Board memo that <br />includes a section "Action taken by the CWCB on January 23, 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 Study for Dry Creek Enhancement Project - December 1, 2006." No <br />further action is required of you on this item. The report, in combination with the <br />CWCB board memo dated January 12, 2007 will meet the requirements of the CWCB <br />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 />