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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 />July 28, 2008 <br /> <br />Bill Ritter, Jr. <br />Governor <br /> <br />Mr. Mike Gibson, Manager <br />San Luis Valley Water Conservancy District <br />415 San Juan Avenue <br />Alamosa, Colorado 81101 <br /> <br />Harris D. Sherman <br />DNR Executive Director <br /> <br />Jennifer L. Gimbel <br />CWCB Director <br /> <br />Dan McAuliffe <br />CWCB Deputy Director <br /> <br />RE: Water Rights Acquisition <br />Contract Number C 150269 <br /> <br />Dear Mr. Gibson: <br /> <br />I am pleased to inform you that on July 23,2008 the Colorado Water Conservation Board (CWCB) <br />approved your loan request for the Water Rights Acquisition as described in the application and <br />approved Loan Feasibility Study titled "Loan Applicationfrom San Luis Valley Water Conservancy <br />District to Colorado Water Conservation Board, May, 2008". The Board approved a loan not to exceed <br />$727,200 ($720,000 for project costs and $7,200 for the 1 % Loan Service Fee) with loan terms of <br />3.5% per annum for 30 years. I have attached a copy ofthe updated Board memo dated July 28,2008, <br />that includes the 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) Board/Staff Approval Conditions: <br /> <br />San Luis Valley Water Conservancy District shall have a lease agreement in-place for storage of the <br />water acquired through this loan purchase prior to disbursement of funds from the CWCB. <br /> <br />B) 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 District may request loan funds to cover <br />eligible project expenses. You can contact Vaughn at (303) 866.3462 regarding the <br />requirements. <br /> <br />C) Design/Construction: You must adhere to the CWCB Design and Construction Administration <br />Procedures. Tim Feehan will contact you regarding this phase of the process. Tim will make <br />site visits, which will be the basis of pay estimates for disbursement of your loan funds. You can <br />contact Tim at his desk at (303) 866.3480 or cell phone (303) 618.5010. <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 />