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<br />ST ATE 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 Owens <br />Governor <br /> <br />Russell George <br />Executive Director <br /> <br />October 31, 2006 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Mr. Jim Briscoe, Secretary <br />Beaver Reservoir Company <br />P.O. Box 120 <br />Hotchkiss, CO 81419 <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Beaver Reservoir Rehabilitation Project - Loan Amendment Approval <br /> <br />Dear Mr. Briscoe: <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board approved your loan <br />request on September 19, 2006. The Board approved an increase of$25,250 ($25,000 for project costs <br />and $250 for the 1 % loan origination fee, in accordance with CWCB Policy No. 16) from the 2006 <br />Severance Tax Fund, for a new total amended loan amount of $155,035. 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 3 ofthat memo and to the Section "Action taken by <br />the CWCB on September 19, 2006". <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 />