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If the District is interested in continuing to pursue the existing proposed WETPAK <br />project, the CWCB would be willing to consider an alternative source of collateral (i.e., a pledge <br />of assessment revenues backed by an assessment covenant, District facilities, water rights, and/or <br />other real property) for the loan, with the original project scope scheduled to commence within <br />one year. A revised feasibility study would need to be prepared that included the new pmposed <br />collateral and source of loan repayments, financial ratios documenting the District's <br />creditworthiness, and a new project schedule and cost estimate. The revised feasibility �tudy <br />would have to be approved by the CWCB Board and the current loan authorization extended. <br />In order for the CWCB to make use of these unused project funds for other pmject loan <br />applications where construction is eminent, it is my intention to recommend de-authorization of <br />this loan at the May 19-20, 2009 CWCB board meeting in Pueblo. The CWCB continues to be <br />interested in providing funding for any other water project that will benefit the Dolores Water <br />Conservancy District and its water users. Any application for a ncw proposed project would be <br />welcome and required to follow the existirig loan approval and CWCB authorization process. <br />If you have any other questions regazding this matter, please call me at 303-866-3441 <br />x3234. <br />Sincerely, <br />�� � � <br />Mike Serlet, P.E. <br />Chief, Water Supply Planning and Finance Section <br />cc. Bruce Whitehead, CWCB Boardmember <br />CWCB, Section B Staff <br />Susan Schneider, Attorney General's Office <br />