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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 /> Bill Ritter, Jr. <br /> Govemor <br />March 20, 2009 <br /> Harris D. Sherman <br /> DNR Executive Director <br />Executive Director <br />Rod Kuharich Jennifer L. Gimbel <br />, CWCB Director <br />South Metro Water Supply Authority <br />8400 East Prentice Suite 1500 Dan McAuliffe <br />~ CWCB Deputy Director <br />Greenwood Village, Colorado 80111 <br />RE: Water Supply Pipeline Capacity Acquisition Project <br />Contract Number C150289 <br />Dear Mr. Kuharich: <br />I am pleased to inform you that on March 17, 2009 the Colorado Water Conservation Board (CWCB) <br />approved your loan request for the Water Supply Pipeline Capacity Acquisition Project as described <br />in the Application and approved Loan Feasibility Study titled "Loan Feasibility Study - Water <br />Supply Pipeline Capacity Acquisition, Fehruary, 2009. " The Board approved a loan not to exceed <br />$5,090,400 ($5,040,000 for project costs and $50,400 for the 1% Loan Service Fee) with loan terms <br />of 4.5% per annum for 30 years. I have attached a copy of the updated Board memo dated March 18, <br />2Q09 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) BoardlStaff Approval Conditions: Requirements prior to contracting. <br />1. Water Conservation Plan: Pinery Water and Wastewater District must have a State <br />approved water conservation plan in place. <br />2. Purchase/Operating Agreements: The Authority must have a final purchase <br />agreement and final operating agreement executed with copies submitted to the <br />CWCB. <br />3. Prior to signing a contract with the CWCB, the Authority must provide an executed <br />step up provision (as part of the Authority's participation agreement) whereby, in the <br />event of default by one of the borrowers, all of the remaining participants in the <br />Project (Castle Pines North Metropolitan District, Centennial Water and Sanitation <br />District, Cottonwood Water and Sanitation District, Inverness Water and Sanitation <br />Water 3upply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water Conservation & Drought Planning • lntrastate Water Management & Development <br />