C150236 Approval letter

• Contract/PO #: C150236
• Contractor Name: Lazy O Ranch Homeowners' Association
• Contract Type: Loan
• Water District: 38
• County: Pitkin
• Loan Projects - Doc Type: Approval Letter

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STATE OF COLORADO

Colorado Water Conservation Board

Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]
www.cwcb.state.co.us

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November 17, 2006

Bill Owens
Governor

Tony Clinco, Ranch Manager
Lazy-O-Ranch HOA
1907 Snowmass Creek Road
Snowmass, CO 81654

Russell George
Executive Director

Rod Kuharich
CWCB Director

Dan McAuliffe
Deputy Director

RE: Lazy 0 Ranch HOA Secondary Water System Loan

Dear Mr. Clinco:

I am pleased to inform you that on November 13,2006 the Colorado Water Conservation Board
(CWCB) approved your loan request. We understand that the loan will be used to pay for the
installation of pipe and pumps for the secondary water system on the Lazy 0 Ranch.

The Board approved an initial loan not to exceed $152,258 ($150,750 for project costs and $1,508 for
the 1 % Loan Service Fee) with loan terms of 4.25% per annum for 30 years. I have attached a copy of
the updated Board memo that includes the Board's approval of the Staff Recommendations.

When the Board approves a loan there remain several conditions:

a) Feasibility Study: Tim Feehan has reviewed the study titled "Lazy 0 Ranch HOA
Irrigation System, September 28, 2006". Modifications may be requested by Mr.
Feehan via phone/fax or email in the next couple days. The approved study, in
combination with the CWCB Board Memo revised November 14,2006, will meet the
requirements of the CWCB Construction Fund Guidelines for loan feasibility studies.

b) Contracting: An approved contract must be in place before funds can be advanced.
Vaughn McWilliams will initiate the loan contracting process for this project. Once the
contract is finalized the Company may request loan funds to cover eligible project
expenses. You can contact Vaughn at [phone] regarding the requirements.

c) Design/Construction: You must adhere to the CWCB Design and Construction
Administration Procedures. Tim Feehan will contact you regarding the requirements
concerning construction. Tim will make construction site visits, which will be the basis
of pay estimates for disbursement of your loan funds. You can contact Tim at his office
at [phone] or cell phone [phone].

Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection
Water Supply Protection. Conservation and Drought Planning