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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 72] <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />Fax:(303)866-4474 <br />www.cwcb. state.co.us <br /> Bill Ritter, Jr. <br /> <br />May 26, 2009 Governor <br /> Harris D. Sherman <br /> DNR Executive Director <br />Mr. James Yahn <br />Manager Jennifer L. Gimbel <br />, <br />North Sterling Irrigation District CWCB Director <br />P.O <br />Box 103 Dan McAuli£fe <br />. <br />Sterling, CO 80751 CWCB Deputy Director <br />RE: Dam and Spillway Improvement Project <br />Contract Number C 150293 <br />Dear Mr. Yahn: <br />I am pleased to inform you that on May 19, 2009 the Colorado Water Conservation Board approved <br />your loan request for the Dam and Spillway Improvement Project described in the application and <br />approved Loan Feasibility Study titled "Feasibility of Construction of the North Sterling Reservoir <br />Dam and Spillway Improvement Project" dated March 2009. The Board approved a loan not to <br />exceed $1,094,840 ($1,084,000 for Project costs and $10,840 for the 1% Loan Service Fee) with loan <br />terms of 2.25% per annum for 20 years. I have attached a copy of the updated Board memo dated May <br />22, 2009, that includes the Board's approval. <br />After the Board approves a loan there aze a few steps that remain in the loan process including: <br />A) Board/Staff Approval Conditions: Requirements prior to contracting or disbursements: <br />The District must hold an election to obtain voter approval of the debt service prior to <br />contracting with the CWCB. <br />B) Contractin~: 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 District 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 />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water Conservation & Drought Planning • lntrastate Water Management & Development <br />