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~ <br />STATE OF COLORAD~ <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 />Bill Ritter, Jr <br />Govemor <br />May 26, 2009 <br />Mr. Devin Granbery, Town Manager <br />Town of Dillon <br />P.O. BOX H <br />Dillon, Colorado 80435 <br />RE: Old Dillon Reservoir Enlargement Project <br />Contract Number C150295 <br />Dear Mr. Granbery: <br />Harris D. Sherman <br />DNR Ezecudve Director <br />Jennifer L. Gimbel <br />CWCB Director <br />Dan McAuliffe <br />CWCB Deputy Director <br />I am pleased to inform you that on May 19, 2009 the Colorado Water Conservation Board approved <br />your loan request for the Old Dillon Reservoir Enlargement Project as described in the application <br />and approved Loan Feasibility Study titled "Feasibility Study for Old Dillon Reservoir Enlargement <br />Project, March 2009". The Board approved a loan not to exceed $1,515,000 ($1,500,000 for project <br />costs and $15,000 for the 1% Loan Service Fee) with loan terms of 4.0% per annum for 30 years. I <br />have attached a copy of the updated Board Memo dated May 22, 2Q09, that includes the Board's <br />approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br />A) Board/Staff Approval Conditions: Requirements prior to contracting or disbursements. <br />1) Loan Parity: CWCB will have a parity position with all existing debt which is secured by <br />the same enterprise revenues which will be pledged as security for the new CWCB loan. <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 Town may request loan funds to cover <br />eligible project expenses. You can contact Vaughn at (303) 866-3441 x 3227 regarding the <br />requirements. The contract will include the following contract provision: <br />1) Project participants must create a governing body such as an Authority to manage the <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 />