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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 />February 7, 2007 <br />Mr. Gary Booth, President <br />Wood Lake Mutual Water & Irrigation Company <br />4503 W. 23` Street <br />Greeley, Colorado 80634 <br />RE: Loan for Angel Lake Outlet Repair <br />Dear Gary: <br />Bill Ritter, Jr. <br />Governor <br />Hams D. Sherman <br />Executive Director <br />Rod Kuharich <br />CWCB Director <br />Dan McAuliffe <br />Deputy Director <br />I am pleased to inform you that on January 23, 2007 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to replace the existing outlet <br />works and spillway for Angel Lake. The Board approved a loan in a maximum amount $212,706 <br />(including the 1% loan service charge) with loan terms of 2.50% per annum for 30 years. I have <br />attached a copy of the updated Board memo that includes a section "Action taken by the CWCB on <br />January 23, 2007. <br />When the Board approves a loan there remain several conditions: <br />a) A Feasibilitv Studv is required. Bruce Johnson has reviewed the study titled <br />"Feasibility Study for Angel Lake Outlet Repair — November 2006. " No further action <br />is required of you on this item. The report, in combination with the CWCB board memo <br />dated January 12, 2007 will meet the requirements of the CWCB Water Project Loan <br />Program Guidelines for feasibility studies. <br />b) An approved contract must be in place before funds can be advanced. Vaughn <br />McWilliams will place this project on our contracting "hot list" and will initiate the loan <br />contracting process. Once the contract is finalized the Company may request loan funds <br />to cover eligible project expenses. For future reference Vaughn's phone number is <br />303-866-3462. <br />c) You must adhere to the CWCB Design and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Tim will make construction inspections, which will <br />be the basis of the monthly pay estimates for disbursement of your loan funds. Tim's <br />phone number is 303-866-3480. <br />Flood Protection • Water Supply Planning and Finance • Stream and Lake Protection <br />Water Supply Protection • Conservation and Drought Plannuzg <br />