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McPHee ^✓ , <br />IRRIGATION RESERVOIR <br />RECREATION <br />MUNICIPAL POWER �(, <br />��n.. WATER `V <br />March 3, 2009 <br />Mr. Mike Serlet, Section Chief <br />CWCB Water Supply Planning & Finance Section <br />1580 Logan St. Suite 750 <br />Denver, CO 80203 <br />Dear Mr. Serlet, <br />RECEIVED <br />MAR - 5 20Q9 <br />Colorado Water <br />Conservation Board <br />Thank you for your letter of direction dated February 20, 2009 allowing DWCD to <br />terminate our investment agreement with MBIA and pay off CWCB Loan #C- <br />150058. <br />Your February 20 letter also states that CWCB is considering de-authorization of the <br />remaining balance of the original loan per contract #C150193. DWCD has also <br />terminated the MBIA short term fund that has been securing this remaining balance, <br />and it is my understanding that the short term agreement with CWCB regarding this <br />remaining balance has expired. <br />Given the above circumstances, should DWCD wish to avoid de-authorization of this <br />remaining balance, what actions would be required, and what would be allowable <br />with regard to DWCD's use of this remaining balance? <br />Thank you for your willingness to clarify DWCD's options prior to moving forward <br />with de-authariza:ior�. <br />Sincerely yours, <br />r „ <br />, <br />�, <br />Michael Preston, General Manager <br />Dolores Water Conservancy District <br />