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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 />Bill Ritter Jr. <br />Governor <br /> <br />Harris Sherman <br />DNR Executive <br />Director <br /> <br />January 30,2008 <br /> <br />Jennifer 1. Gimbel <br />CWCB Director <br /> <br />Mr. Tom Gillespie, President <br />Beaver Reservoir Company <br />41103 Lamborn Mesa Road <br />Paonia, CO 81428 <br /> <br />Dan McAuliffe <br />CWCB Deputy <br />Director <br /> <br />Re: Beaver Reservoir Rehabilitation Project - Revision to Existing Loan <br /> <br />Dear Mr. Gillespie: <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board approved your loan <br />request on January 22,2008. The Board approved an increase of $355,000($351,485 for project costs <br />and $3,515 for the 1 % loan service fee, in accordance with CWCB Policy No. 16) from the 2008 <br />Severance Tax Fund, for a new total amended loan amount of$51O,035. The loan will be at an interest <br />rate of2.5% for 30-years. I have attached a copy of the updated Board memo concerning the Beaver <br />Reservoir Company's request. Please refer to page 5 of that memo, the Recommendation Section, for <br />the action taken by the CWCB on January 22,2008. <br /> <br />The Board's approval was based on the Company meeting the following conditions. <br /> <br />1. An approved contract must be in-place before loan funds can be advanced. Vaughn <br />McWilliams, with our office has been in contact with you to initiate this process. If you <br />should have any questions, Vaughn's phone number is 303-866-3462. <br /> <br />2. You must adhere to CWCB's Standard Contracting Provisions. <br /> <br />3. The authorization will not commit the Colorado Water Conservation Board to provide any <br />further additional funding for the Beaver Reservoir Rehabilitation Project. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />