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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 /> Governor <br />May 26, 2009 <br /> Harris D. Sherman <br /> DNR Executive Director <br />Jeff Schroll <br />Town Mana er <br />Mr <br />g Jennifer L. Gimbel <br />, <br />. CWCB Director <br />Town of Gypsum <br />PO Box 130 Dan McAuliffe <br /> CWCB Deputy Director <br />Gypsum, CO 81637 <br />RE: LEDE Ditch & Reservoir Upgrade Project <br />Contract Number C 150296 <br />Dear Mr. Schroll: <br />I am pleased to inform you that on May 19, 2009 the Colorado Water Conservation Board approved <br />your loan request for the LEDE Ditch & Reservoir Upgrade Project as described in the application <br />and approved Loan Feasibility Study titled "Rehabilitation and Capacity Increase LEDE Ditch and <br />Reservoir Loan Feasibility Outline, March 31, 2009 ". The Board approved a loan not to exceed <br />$2,689,731 ($2,663,100 for project costs and $26,631 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 May 22, <br />2009, 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) Board/Staff Approval Gonditions: 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) Contracting: 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. <br />C) Desi~n/Construction: You musf adhere to the CWCB Design and Construction Administration <br />Procedures. Tim Feehan will contact you regarding this phase of the process. Tim will make <br />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water Conservation & Drought Planning • Intrastate Water Nlanagement & Development <br />