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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />Fax:(303)866-4474 <br />www.cwcb.state.co.us <br />May 26, 2010 <br />Ms. Carrie Weiss <br />District Manager <br />Pagosa Area Water and Sanitation District <br />P.O. Box 4610 <br />Pagosa Springs, CO 81157 <br />Re: Pagosa Area Water and Sanitation District, Dry Gulch Reservoir Project <br />CWCB Loan Contract - C150261 <br />Dear Carrie <br />Bill Ritter, Jr. <br />Governor <br />James B. Martin <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />This letter is intended to summarize our phone conversation of March 11, 2010. You requested <br />CWCB staff's opinion on whether the manner in which the Pagsoa Area Water and Sanitation <br />District's ("District") procurement of the Laverty property financed by our loan number <br />C150261 ("the loan") would constitute a material change to that loan agreement, requiring an <br />amendment, or was allowable by the existing language in the loan agreement. Our responses are <br />as follows: <br />1. Does the loan agreement extend to conservation easements? Can the District use the loan to <br />secure a conservation easement for the Laverty property rather than purchasing the property <br />fee title, providing that the terms allow inundation from the Dry Gulch Reservoir? <br />CWCB Position - This does not constitute a material change to the intent of the loan, the purpose <br />of which was for the District to secure the Weber and the Laverty properties in order to build <br />the Dry Gulch Reservoir. The loan may be used to secure a conservation easement on the <br />Laverty property as planned for the District's future reservoir site. The loan contract does <br />require the price to be �upported by an appraisaL <br />2. If the Laverty property is comprised of two separate parcels, each owned by different <br />members of the Laverty family, rather than one parcel, can the District use the loan to secure <br />both parcels? <br />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Finance <br />Water Conservation & Drought Planning • Water Supply Planning <br />