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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 />September 22, 2008 <br /> <br />Bill Ritter, Jr. <br />Governor <br /> <br />Hams D. Sherman <br />DNR Executive Director <br /> <br />Mr. Dennis Hoshiko, President <br />Ogilvy Augmentation Company <br />822 7th Street, Suite 760 <br />Greeley, Colorado 80631 <br /> <br />Jennifer L. Gimbel <br />CWCB Director <br /> <br />Dan McAuliffe <br />CWCB Deputy Director <br /> <br />RE: Well Augmentation Project <br />Contract Number C150273 <br /> <br />Dear Mr. Hoshiko: <br /> <br />I am pleased to inform you that on September 17,2008 the Colorado Water Conservation Board <br />(CWCB) approved your loan request for the Well Augmentation Project as described in the <br />application and approved Loan Feasibility Study titled "Feasibility Study of the Ogilvy Augmentation <br />Company Well Augmentation Project, August, 2008". The Board approved a loan not to exceed <br />$1,010,808 ($1,000,800 for project costs and $10,008 for the 1 % Loan Service Fee) with loan terms <br />of 2.25% per annum for 30 years. I have attached a copy ofthe updated Board memo dated September <br />19,2008, 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) 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 Company may request loan funds to cover <br />eligible project expenses. You can contact Vaughn at (303) 866-3441 x 3227 regarding the <br />requirements. The contract will include the following contract provisions: <br /> <br />1) Debt Service Reserve Fund Provision will require two annual loan payments as defined <br />in the executed contract (one payment set aside at the time offirst draw offunds and one <br />third of an annual payment set aside at the time of each of the first three annual loan <br />payments). <br /> <br />2) Bridge loan for $55,000 water rights purchase to be paid in full with proceeds from <br />CWCB loan. <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 />