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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 />June 11, 2008 <br />Dan Grant; Board Secretary <br />Supply Irrigating Ditch Company <br />P.O. Box 1826 <br />Longmont, Colorado 80502 <br />RE: Knouth Reservoir Dam Rehabilitation Project <br />Contract Number C 150265 <br />Deax Mr. Grant: <br />Bill Ritter, Jr. <br />Govemor <br />Harris D. Sherman <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />Dan McAuliffe <br />CWCB Deputy Director <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 Knouth Reservoir Dam Rehabilitation Project as described in the <br />application and approved Loan Feasibility Study titled "Knouth Dam Modifications, February, 2008 ". The <br />Board approved a loan not to exceed $904,960 ($896,000 for project costs and $8,960 for the 1% loan <br />service fee) with loan terms of 2.60% per annum for 30 years. I have attached a copy of the updated <br />Board memo dated March 20, 2008, that includes the Board's approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br />A) Board/Staff A�proval Conditions: Requirements prior to contracting or disbursements. <br />1) Transfer of shares of storage in the Knouth Reservoir from the Knouth Reservoir Corporation to <br />Supply Irrigating Ditch Company for storage rights. <br />2) State Engineer's approval of construction plans. <br />B) Contractin�: 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. <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 />