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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 />January 30,2008 <br /> <br />Bill Ritter, Jr. <br />Governor <br /> <br />Harris D. Sherman <br />DNR Executive Director <br /> <br />William 1. Grasmick, President <br />Lower Arkansas Water Management Association <br />P.O. Box 1161 <br />Lamar, Colorado 81052 <br /> <br />Jennifer L. Gimbel <br />CWCB Director <br /> <br />Dan McAuliffe <br />CWCB Deputy Director <br /> <br />RE: Keesee Water Rights Acquisition Loan <br /> <br />Dear Mr. Grasmick: <br /> <br />I am pleased to inform you that on January 22, 2008 the Colorado Water Conservation Board (CWCB) <br />approved your loan request for the purchase of one-half of the Keesee Ditch water rights for use as a <br />replacement water source to offset depletions from well pumping. The Board approved a loan not to <br />exceed $2,494,700 ($2,470,000 for water rights purchase and $24,700 for the 1 % loan service fee) <br />with loan terms of2.30% per annum for 30 years. I have attached a copy of the updated Board memo <br />that includes the Board's approval. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) Loan Feasibility Study: Tim Feehan has reviewed the study titled "Feasibility Study for <br />Acquisition of the Remaining One-Half of the Keesee Water Rights, January, 2008". <br />Modifications may be requested by Mr. Feehan via phone/fax or email in the next <br />couple weeks. The approved study, in combination with the CWCB Board Memo <br />revised January 28,2008, will meet the requirements of the CWCB Water Project Loan <br />Program Guidelines for loan feasibility studies. <br /> <br />b) Contracting: An approved contract must be in place before funds can be disbursed. <br />Vaughn McWilliams will initiate the loan contracting process for this project. When all <br />of the contract conditions are met and the contract is executed the District may request <br />loan funds to cover eligible project expenses. You can contact Vaughn at <br />(303)866.3462 regarding the requirements. <br /> <br />Water Supply Protection. Watershed Protection & Flood Mitigation. Stream & Lake Protection. Water Supply Planning & Finance <br />Water Conservation & Drought Planning. Intrastate Water Management & Development <br />