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v �o�oRnoo � , <br />McPHee <br />IRRIGATION RESERVOIR <br />RECREATION <br />/� MUNICIPAL POWER t, <br />,�,•^_ WATER � iri <br />February 20, 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 />FEB 2 3 2009 <br />�O seivation <br />At the Direction of the Board of the Dolores Water Conservancy District, I am writing <br />to request your approval to terminate MBIA Annuity Fund 18824 pursuant to the <br />DWCD/MBIA Investment Agreement dated December 5, 2002 as acknowledged and <br />Agreed to by the Colorado Water Conservation Board. DWCD is terminating the <br />Investment Agreement pursuant Article 4. Insurer powngrade, and is seeking the <br />approval of CWCB pursuant to Article 2.6. (e) CWCB's Security Interest in the <br />Agreement. <br />Upon receipt of the termination payment from MBIA anticipated on Monday, <br />February 23, 2009, DWCD will pay in full its obligation to CWCB pursuant to Loan <br />Contract 150058 dated December 10, 2002 as amended. <br />We very much appreciate your expeditious cooperation in consummating this <br />opportunity to protect the interests of DWCD and CWCB in these uncertain and <br />challenging times. <br />Sincerely yours, <br />; <br />Michael Preston, General Manager <br />Dolores Water Conservancy District <br />