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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natura} Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone:~03)866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />September 17, 2004 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Irv Johnson, President <br />Bull Creek Reservoir, Canal and Power Company <br />P.O Box 25 <br />Mesa, CO 81464 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Bull Creek Reservoirs Nos. 1,2 & 4 RehabilitationlEnlargement Project <br /> <br />Dear Mr. Johnson: <br /> <br />I am pleased to inform you that on September 14, 2004 the Colorado Water Conservation Board <br />(CWCB) approved your loan request. We understand that the loan will be used to enlarge Reservoir <br />Nos. 1 & 2 and rehabilitate Reservoir No.4 to remove the current State Engineers Office (SEO) <br />restriction. We also understand the urgency of the repairs and the need to for the Company to comply <br />with the SEO rule and regulations to avoid abandonment of senior storage rights. <br /> <br />The Board approved a loan not to exceed $599,940 ($594,000 for project costs and $5,940 for the 1 % <br />Loan Service Fee) with loan terms of2.5% per annum for 30 years. I have attached a copy of the <br />updated Board memo that includes a section "Action taken by the CWCB on September 14,2004". <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. Kirk Russell has reviewed the study titled <br />"Rehabilitation and Enlargement of Bull Creek Reservoirs Nos. 1, 2 and 4 - May 31, <br />2004." Modifications will be required and communicated by Mr. Russell via phone/fax <br />or email in the next couple weeks. The report, in combination with the CWCB board <br />memo dated September 7,2004 (Revised September 17,2004) will meet the <br />requirements of the CWCB Construction Fund Guidelines for feasibility studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. J an lllian will <br />initiate the loan contracting process for this proj ect. Once the contract is finalized the <br />Company may request loan funds to cover eligible project expenses. You can contact <br />Ms. lllian at 303-866-3462. <br /> <br />c) You must adhere to the CWCB Design and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Mr. Feehan will communicate regularly with the SEO <br />to assure that the project is meeting the SEO schedule and requirements. In the event <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />