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STATE OF COLORADO <br />Colorado Water Conservation Board <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 />November 19, 2008 <br />Mr. Dennis Coryell, President <br />Republican River Water Conservation District <br />410 Main Street, Suite 8 <br />Wray, CO 80758 <br />RE: North Fork Water Rights Lease -CWCB Loan <br />Loan Contract #C 150275 <br />Dear Mr. Coryell: <br />Bill R;tter, Jr <br />Governor <br />Harris D. Sherman <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />Dan McAuliffe <br />CWCB Deputy Director <br />I am pleased to inform you that on November 19, 2008 the Colorado Water Conservation Board <br />approved your loan request for the North Fork Water Rights Lease as described in the application and <br />approved Loan Feasibility Study titled "Loan Feasibility Study for North Fork Water Rights Lease ", <br />dated October 2008. The Board approved a loan not to exceed $4,545,000 ($4,500,000 for project costs <br />and $45,000 for the 1% Loan Service Fee) with loan terms of 2.25% per annum for 30 years. I have <br />attached a copy of the updated Board mtmo dated November 19, 2008, that includes the Board's <br />approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <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 District may request disbursements to cover <br />eligible project expenses. You can contact Vaughn at (303) 866.344] x3227 regarding the <br />requirements. <br />B) Water Ri is Closing/Disbursements: Vaughn will also be your contact to process the loan <br />disbursement related to the lease payment and will likely attend the closing. <br />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water ('onservation & Drought Planning • Intrastate Water Management & Development <br />