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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.cwcbstate.co.us <br />January 28, 2009 <br />Mr. Dennis Harmon, General Manager <br />The Water Supply & Storage Company <br />2319 E Mulberry Ave. <br />Fort Collins, CO 80522 <br />RE: Grand River Ditch Project & Kluwer Reservoir Outlet Project <br />Loan Contract #C150281 <br />Dear Mr. Harmon: <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 January 27, 2009 the Colorado Water Conservation Board approved <br />your loan request for the Grand River Ditch Project & Kluwer Reservoir Outlet Project as described <br />in the application and approved Loan Feasibility Study titled "Feasibility of Rehabilitation of Grand <br />River Ditch at Windy Point Pipe Project & Kluwer Reservoir Outlet/Travis Road Embankment", <br />dated December 2008. The Board approved a loan not to exceed $843,350 ($835,000 for project costs <br />and $8,350 for the 1 % Loan Service Fee) with loan terms of 3.70% per annum for 30 years. I have <br />attached a copy of the updated Board memo dated January 27, 2009, 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 disbursements to <br />cover eligible project expenses. You can contact Vaughn at (303) 866.3441 x3227 regarding <br />the 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 desk (303) 866.3441 x3211 or cell (303) 618.5010. <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 />