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STATE OF COLOR.ADO <br />Colorado Water Conservation Board <br />Department of Nataral 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 />January 29, 2007 <br />Thomas Sather, Debt & Financing Administrator <br />City of Aurora <br />15151 E. Alameda Parkway <br />Aurora, CO 80012 <br />RE: Prairie Waters Project — Conveyance System Loan <br />Dear Mr. Sather: <br />Bill Ritter, Jr. <br />Governor <br />Harris D. Sherman <br />Execurive Director <br />Rod Kuharich <br />CWCB Director <br />Dan McAuliffe <br />Deputy D'uector <br />I am pleased to inform you that on January 23, 2007 the Colorado Water Conservation Board (CWCB) <br />recommended your loan to the General Assembly for approval. Your loan request will be included in <br />the 2007 Water Project Construction Bill. If approved, Loan funds will be authorized once the <br />Governor has signed the bill. The loan will be used to pay for engineering and construction of the. <br />Prairie Waters Project - Conveyance System. <br />The Board approved a loan not to exceed $75,750,000 ($75,000,000 for project costs and $750,000 for <br />the 1% Loan Service Fee) with loan terms of 3.75% per annum for 30 years. I have attached a copy of <br />the updated Board memo that includes the Board's approval. <br />When the Board approves a loan there remain several conditions: <br />a) Loan Feasibility Study. Kirk Russell has reviewed the study titled "Prairie Waters <br />Project Feasibility Study, December 1, 2006 ". Modifications may be requested by Mr. <br />Russell via phone/f� or email in the next couple days. The approved study, in <br />combination with the CWCB Board Memo revised January 29, 2007, will meet the <br />requirements of the CWCB Construction Fund Guidelines for loan feasibility studies. <br />b) Water Conservation Plan: It is important to note that an approved Water conservation <br />Plan must be in place prior to CWCB loan contract execution. You may contact Veva <br />McCaig (303) 866.3339 of the CWCB Office of Water Conservation for additional <br />details. <br />c) Le�islature Approval and Governor's Si�ature: The loan is included in the 2007 Water <br />Proj ects Bill. If the bill is approved and signed by the Governor with the Prairie Waters <br />Loan included, funds are available far disbursement pending loan contract execution. <br />Flood Protection • Water Supply Planning and Finance • Stream and Lake Protection <br />Water Supply Protection • Conservation and Drought Planning <br />, <br />