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�' STATE 4F COLOR.ADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sher�man Street, Room 721 <br />Denva, Colorado 80203 <br />Phone: (303) 866-3441 <br />Fax:(303)866-4474 <br />www.cwcb.stace.co.us <br />Mazch 4, 2009 <br />Mr. Michael Preston, General Manager <br />Dolores Water Conservancy District <br />60 S. Cactus Street <br />P.O. Box 1150 <br />Cortez, Colorado 81321 <br />Re: Contract #C-150193 <br />Dear Mr. Preston: <br />Bill Ritber, )r. <br />Govemor <br />Harris D. Shertnan <br />DNR Execuove Diroctor <br />Jennifer Gimbel <br />CWCB Director <br />Dan McAuliffe <br />Depury CWCB Director <br />I am in receipt of your Mazch 4, 2009 letter requesting information regazding the <br />Colorado Water Conservation Board (CWCB) possibly de-authorizing the loan funds associated <br />with loan contract #C-150193 (the Contract). <br />The Contract expir� November 23, 2008 with no loan funds being disbursed by the <br />CWCB to the District. No loan funds have been requested by the District since the WETPAK <br />project has not commenced. All CWCB loan contracts include a"Time for Performance" clause <br />(three years is this case) in order for the CWCB to utilize construction funds in a timely manner, <br />to assure availability of construction project funds for other borrowers, and to discourage <br />borrowers from attempting to "guazantee" loan funds for future long-range projects. Current <br />economics dictate that the CWCB strictly apply their financial policies in the administration of <br />the Water Project Loan Program. <br />In this case, the project has not commenced in a timely manner, the contract has expired, <br />and the collateral used to secure the loan has been terminated. In essence, the details included in <br />the feasibility study used to develop the terms of the original loan authorization, approved by the <br />CWCB, no longer exist. No other use of the original loan authorization funds would be allowed, <br />other than for the WETPAK pmject as described in the original loan feasibility study. <br />Wrter Supply Protection • Flood Protectioa • Stram & Lake Protection • Water Supply Planning &�naace <br />Water Conservation & Drought Plannin$ • lotnstate Wster Mansgement & Development <br />