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3. You must adhere to the CWCB DesiQn and Const. Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning <br />proj ect design, bidding, and construction. Tim will make construction <br />inspections, that will be the basis of monthly pay estimates for disbursement <br />of your loan funds. <br />4. You must adhere to the CWCB Guidelines for Financial Assistance. <br />5. You must adhere to the collateral requirements as stated in the attached Board <br />Memo. As security for the loan the Owl Creek Reservoir Company will <br />pledge the completed facility, 30,010 shares of water stock, and 200 acres of <br />real property that the reservoir will encompass, all combined being equal or <br />greater in value than the proposed loan amount. <br />6. You must obtain a favorable credit re�ort from a11 current lenders. <br />7. You must obtain a lender title policv verifving ownership of the securitv. <br />On behalf of the Board, I would like to thank you for applying for a Construction <br />Fund Loan from the Colorado Water Conservation Board. <br />Sincerely, <br />e <br />Mike Serlet, PE, Chief <br />Water Supply Planning and Finance Section <br />Colorado Water Conservation Board <br />Attachments: Updated Memo: Owl Creek Reservoir Rehabilitation Project <br />C: Mr. Eric Wilknison, Board Member, Colorado Water Conservation Board <br />CWCB Section B Staff <br />Linda Bassi, AGO <br />Chrono File ` <br />Filename: OwlCreekReservoir.Loan. approval.tpf <br />JI <br />