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mbia <br />WISDOM IN ACTIONsm <br />June 23, 2008 <br />R '„ . '� <br />' k D �:'�'3 <br />_a C� . <br />CWCB Water Supply Planning and Finance Section �onservati n 6oa�d <br />1580 Logan Street, Suite 750 <br />Denver CO 80203 <br />Contract Compliance Officer <br />Dolares Water Conservancy District <br />60 South Cactus Street <br />P.O Box 1150 <br />Cortez CO 81321 <br />Lisa Jordan <br />Re: INVESTMENT AGREEMENT ! INC 0729 <br />Dear Madam and Sir: <br />This is in reference to the INVESTMENT AGREEMENT dated as of December 5, 2002 is made by and <br />between MBIA, Inc., a Connecticut corporation, as Investment Agreement provider ("INC") and the <br />Dolores Water Conservancy District (the "District"), acting by and through the Dolores Water <br />Conservancy District Water Activity Enterprise (the "Borrower") in accordance with a Loan Contract, <br />dated December 10, 2002 (the "Loan Contract") by and between the Borrower and the State of Colorado <br />for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board <br />("CWCB") and in accordance with Resolutions No. 02-03 of the Borrower and No. 02-04 of the District <br />dated as of October 10, 2002 (the "Resolutions"). <br />In accordance with the Agreement, this is to inform you that on June 20, 2008 an Insurer powngrade <br />occurred. Attached please find the report from Moody's announcing the downgrade. <br />Please do not hesitate to contact me with any comments or questions. <br />Regards, <br />-�� <br />Michele A. Palmo <br />Authorized Officer <br />Tel.: (914) 765-3207 <br />michele.palmo@mbia.com <br />MBIA Inc. • 113 King Street • Armonk, NY 10504 •+1 914 273 4545 • www.mbia.com <br />