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<br />, <br />.. <br /> <br />.. <br /> <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 />Bill Ritter, Jr. <br />Governor <br /> <br />March 24, 2008 <br /> <br />Harris D. Sherman <br />DNR Executive Director <br /> <br />Mr. Dennis Hoshiko, President <br />Lower Latham Reservoir Company <br />P.O. Box 398 <br />Kersey, Colorado 80644 <br /> <br />Jennifer L. Gimbel <br />CWCB Director <br /> <br />Dan McAuliffe <br />CWCB Deputy Director <br /> <br />RE: Water Rights Purchase/Augmentation Project (Phase II) <br />Contract Number C150264 <br /> <br />Dear Mr. Hoshiko: <br /> <br />I am pleased to inform you that on March 19,2008 the Colorado Water Conservation Board (CWCB) <br />approved your loan request for the Well Augmentation Project (phase II) as described in the application <br />and approved Loan Feasibility Study titled "Feasibility of the Lower Latham Reservoir Company Well <br />Augmentation Project (Phase II), February, 2008". The Board approved a loan not to exceed $670,640 <br />($664,000 for project costs and $6,640 for the 1 % Loan Service Fee) with loan terms of2.25% per annum <br />for 30 years. I have attached a copy of the updated Board memo dated March 20,2008, that includes the <br />Board's approval. <br /> <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br /> <br />A) Contracting: An approved contract must be in place before funds can be disbursed. Vaughn <br />McWilliams will initiate the loan contracting process for this project. When all of the contract <br />conditions are met and the contract is executed the Company may request loan funds to cover <br />eligible project expenses. You can contact Vaughn at (303) 866.3462 regarding the <br />requirements. The contract will include the following contract provision: <br /> <br />1) The borrower shall apply all CWCB disbursements for purchase of the Lower Latham Ditch <br />Company shares related to the Schmidt farm water rights towards the balance of the line of credit <br />bridge loan. <br /> <br />B) Design/Construction: You must adhere to the CWCB Design and Construction Administration <br />Procedures. Tim Feehan will contact you regarding this phase ofthe process. Tim will make <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 />