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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.cwcb.state.co.us <br /> Bill Ritter, Jr. <br />, Govemor <br />September 21, 2009 <br />Harris D. Sherman <br /> DNR Executive Director <br /> <br />Robert Raymond Jennifer L. Gimbel <br />CWCB Director <br />Raymond Dairy, Inc. <br /> <br />1412 M 3/4 Road <br />Dan McAuliffe <br />CWCB Depury Director <br />Loma, Colorado 81524 <br />RE: Raymond Ditch Reconstruction Project <br />Contract Number C150300 <br />Dear Mr. Raymond: <br />I am pleased to inform you that on September 15, 2009 the Colorado Water Conservation Board <br />approved your loan request for the Raymond Ditch Reconstruction Project as described in the <br />application and approved Loan Feasibility Study titled "Reconstruction of the Raymond Ditch #545 <br />August, 2009 ". The Board approved a loan not to exceed $95,950 ($95,000 for project costs and $950 <br />for the 1% Loan Service Fee) with loan terms of 2.5% per annum for 20 years. The Board also <br />approved a post-construction loan not to exceed $63,950 ($63,000 for the remaining balance of <br />construction costs and $950 for the Loan Service Fee) with loan terms of 2.5% per annum for 20 years. <br />I have attached a copy of the updated Board memo dated September 16, 2009, 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) 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 you may request loan funds to cover eligible <br />project expenses. You can contact Vaughn at (303) 866-3441 x 3227 regarding the <br />requirements. <br />The contract will include the following contract provision: <br />The borrower shall set up an account with one annual payment set aside as the reserve <br />account prior to the disbursement of funds. <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 />