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� <br />� <br />❑ <br />STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 802a3 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br />November 28, 2006 <br />Ms. Lissa Pinello, President <br />Penrose Water District — Water Activity Enterprise <br />340 Grant Street <br />Penrose, Colorado 81240 <br />RE: Loan for Water Rights Purchase and Raw Water Pipeline <br />Dear Lissa: <br />s�u oW� <br />co�emor <br />Russell George <br />Executive Director <br />Rod Kuharich <br />cwcs ���r <br />Dan McAuliffe <br />Deputy Director <br />I am pleased to inform you that on November 13, 2006 the Colorado Water Conservation Board <br />(CWCB) recommended your loan to the General Assembly for approval. Your loan request will be <br />• included in the 2007 Water Project Construction Bill. Loan funds will be authorized in Spring 2007, <br />once the Governor has signed the bill. We understand that the loan will be used to purchase water <br />rights and construct a raw water pipeline from the Arkansas River to the District's service area, and <br />to enlarge Brush Hollow Reservoir. <br />r <br />The Board approved a loan in a maximum amount $8,844,570 (including the 1% loan service charge) <br />with loan terms of 3.25% per annum for 30 years. I have attached a copy of the updated Board memo <br />that includes a section "Action taken by the CWCB on November 13, 2006. I call your attention to the <br />approval conditions, in particulaz Condition #5 added by the Boazd that requires additional TABOR <br />compliance review. <br />When the Board approves a loan there remain several conditions: <br />a) A Feasibilit�Stud is recLuired Bruce Johnson has reviewed the study titled `Zoan <br />Feasibility Study for Raw Water Acquisition and Utilization — August 2006. " No <br />further action is required of you on this item. The report, in combination with the <br />CWCB board memo dated November 6, 2006 will meet the requirements of the CWCB <br />Water Project Loan Program Guidelines for feasibility studies. <br />r� <br />U <br />b) An apvroved contract must be in place before funds can be advanced Vaughn <br />McWilliams will place this project on our contracting "hot lisY' 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 />Flood Protection • Water Supply Planning and Finance • Stream and L,ake Protection <br />Water Supply Prote�ction • Conservation and Drought Planning <br />