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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 />August 2, 2010 <br />Nella Barker, Secretary/Treasurer <br />Grand River Ditch Company <br />1973 County Rd 210 <br />Rifle, CO 81650 <br />RE: Grand River Ditch Pipeline Project <br />Contract Number C 150311 <br />Dear Ms. Barker: <br />Bil] Ritter, Jr. <br />Govemor <br />Mike King <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />I am pleased to inform you that on July 20, 2010 the Colorado Water Conservation Boazd approved <br />your loan request for the Grand River Ditch Pipeline Project as described in the application and <br />approved Loan Feasibility Study titled "Feasibility of Piping a Section of the Grand River Ditch " <br />dated May 2010. The Board approved a loan not to exceed $543,380 ($538,000 for project costs and <br />$5,380 for the 1% Loan Service Fee). The Board also approved a post-construction loan not to exceed <br />$443,380 ($438,000 for the remaining balance of the Project and $5,380 for the Loan Service Fee) <br />with loan terms of 4.2% per annum for 30 years. I have attached a copy of the updated Board memo <br />dated July 30, 2010 that includes the Board's approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br />A) ContractinQ: An approved contract must be in place before funds can be disbursed. Vaughn <br />McWilliams will initiate the loan contracting process for this project. When all of the contract <br />conditions are met (see updated Board Memo for collateral conditions added during the Board <br />meeting) and the contract is executed the Company may request loan funds to cover eligible <br />project expenses. You can contact Vaughn at (303) 866-3441 x 3227 regarding the <br />requirements. <br />B) Design/Construction/Disbursements: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Kirk Russell will contact you regarding this phase of the process <br />which includes the disbursement of your loan funds. You can contact Kirk at his desk at (303) <br />866-3441 x 3232 or on his cell phone at (303) 956-5653. <br />interstate & Federal • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Plaaning <br />