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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <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 /> <br /> <br />Bill Owens <br />Governor <br /> <br />September 29, 2003 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Mr. Loren Hawkins, President <br />Excelsior Irrigating Company <br />2540 Catalpa <br />Pueblo, Colorado 81001 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Request for Release of Collateral <br /> <br />Dear Mr. Hawkins: <br /> <br />I am pleased to inform you that on September 22,2003 the Colorado Water Conservation Board <br />(CWCB) approved a request from the Excelsior Irrigating Company (EIe) to amend two existing <br />loan contracts to release 785 shares of stock from our loan collateral. The existing collateral for the <br />loans is 1,876 EIC shares plus the EIC diversion structure. This approval was granted in <br />conjunction with approval of a loan to the Arkansas Groundwater Users Association (AGUA) to <br />purchase 785 shares ofEIC stock from Mr. Dick Evans, for use as replacement water to offset <br />depletions from well pumping. Attached is a copy of the updated Board memo that includes a <br />section "Action taken by the CWCB on September 22,2003." <br /> <br />Based on the current value of EIC, the Board further reduced the collateral used to secure Loan <br />Contracts No. C153748 and No. C153797 to 500 shares ofEIC plus the diversion structure. Therefore, <br />the total release of collateral will be 1,376 shares. Approval was conditioned upon fulfilling standard <br />CWCB contracting provisions, as well as payment of a $1,000 fee (per Contract Amendment), in <br />accordance with CWCB Policy #16 for partial releases of collateral. In order for Jan TIlian to begin the <br />contract amendment process, EIC needs to submit a check for $2000 made out to ColoTado Water <br />Conservation Board and sent to: . <br /> <br />CWCB Water Supply Planning and Finance Section <br />Attn: J an TIlian <br />1580 Logan Street, Suite 750 <br />Denver, Colorado 80203 <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />