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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 72l <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />Fax: (303)866-4474 <br />www. cwcb. state.co. us <br />November 20, 2008 <br />Mr. Ricky J Lorenzini, President <br />Weldon Valley Ditch Company <br />P.O. Box 626 <br />Weldona, Colorado 80653 <br />RE: Cottonwood Draw Flume Project <br />Contract Number C 150278 <br />Dear Mr. Lorenzini: <br />Bill Ritter, Jr <br />Governor <br />Hams 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 />(CWCB) approved your loan request for the Cottonwood Draw Flume Project as described in the <br />application and approved Loan Feasibility Study titled "Feasibility of the Rehabilitation of the <br />Weldon Valley Ditch Company Cottonwood Draw Flume, September 2008." The Board approved a <br />loan not to exceed $136,350 ($135,000 for project costs and $1,350 for the 1% Loan Service Fee) <br />with loan terms of 2.6% per annum for 30 years. I have attached a copy of the updated Board memo <br />dated November 20, 2008, that includes the Board's 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 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. <br />B) 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 />construction site visits, which will be the basis of pay estimates for disbursement of your loan <br />funds. You can contact Tim at his desk at (303) 866-3441 x 3211 or cell phone (303) 618- <br />5010. <br />Water tiupply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water tiupply Planning & Finance <br />Water ('onservation & Drought Planning • Intrastate Water Management & Development <br />