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4 <br />F <br />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 />July 17, 2007 sill xitter, Jr. <br />Governor <br />Harris D. Sherman <br />The Honorable Jamie Miles, Mayor Executive Director <br />Town of Hillrose Dan McAuliffe <br />P.O. Box 1 a~c~g cwcB <br />Hillrose, Colorado 80733 ~~t°r <br />RE: Loan for Town of Hillrose - Water Rights Purchase/Well Augmentation <br />Dear Mayor Miles: <br />I am pleased to inform you that on July 12, 2007 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to finance the purchase of <br />surface water rights, 6 shares of Lower Platte & Beaver Canal Company, to use for well <br />augmentation for its proposed secondary water system. The Board approved a loan in a maximum <br />amount $49,995 (including the 1% loan service charge) with loan terms of 3.00% per annum for 30 <br />years. I have attached a copy of the updated Board memo that includes a section "Action taken by <br />the CWCB on July 12, 2007." I call your attention to the approval condition that requires the <br />submittal of a water rights appraisal prior to execution of the State contract. <br />When the Board approves a loan there remain several conditions: <br />a) A Feasibilit~ Study is required. Bruce Johnson has reviewed the study titled <br />"Feasibility of the Town of Hillrose Water Rights Project, June, 2007. " No further <br />action is required of you on this item. The report, in combination with the CWCB board <br />memo dated Ju1y 2, 2007 will meet the requirements of the CWCB Water Project Loan <br />Program Guidelines for feasibility studies. <br />b) An approved contract must be in place before funds can be advanced. Vaughn <br />McWilliams will place this project on our contracting "hot list" and will iniriate the loan <br />contracting process. Once the contract is finalized the Company may request loan funds <br />to cover eligible project expenses. For future reference Vaughn's phone number is <br />303-866-3462. <br />c) You must adhere to the CWCB Desi~n and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements conceming project <br />bidding, design, and construction. Tim will make construction inspections, which will <br />Flood Protection . Water Supply Plannulg and Finance • Stream and Lake Protection <br />Water Supply Protection • Conservation and Drought Plaiuung <br />