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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) 86611474 <br />www.cwcb.state.co.us <br />Re: New Cache La Poudre Irrigating Company - Loan Amendment Approval <br />Dear Mr. Magnuson: <br />I am pleased to inform you that the Colorado Water Conservation Board approved your loan <br />amendment request on September 19, 2007. The Board approved changing CWCB's loan participation <br />from 75% to 89 %. Additionally, the Board approved extending the time of completion of the project to <br />January 2014, at which time the loan term will be amended from a 30 -year term to a 20 -year term. The <br />loan will be at an interest rate of 2.5% for 30- years. I have attached a copy of the updated Board memo <br />concerning the New Cache La Poudre Irrigating Company's request. Please refer to page 4 of that <br />memo and to the Section "Action taken by the CWCB on September 19, 2007 ". <br />The Board's approval was based on the Company meeting the following conditions. <br />An approved contract must be in -place before loan funds can be advanced. Vaughn <br />McWilliams, with our office will be in contact with you to initiate this process. If you should <br />have any questions, Vaughn's phone number is 303 - 866 -3462. <br />2. You must adhere to CWCB's Standard Contracting Provisions. <br />3. The authorization will not commit the Colorado Water Conservation Board to provide any <br />further additional funding for the New Cache La Poudre Irrigating Company New Reservoir <br />Construction Project. <br />Flood Protection • Water Supply Planning and Finance . Stream and Lake Protection <br />Water Supply Protection • Conservation and Drought Planning <br />Bill Ritter Jr. <br />Governor <br />Harris Sherman <br />Executive Director <br />October 9, 2007 <br />Dan McAuliffe <br />Acting CWCB <br />Director <br />Mr. Don Magnuson, Manager <br />New Cache La Poudre Irrigating Company <br />33040 Railroad Avenue — P. O Box 104 <br />Lucerne, CO 80646 <br />Re: New Cache La Poudre Irrigating Company - Loan Amendment Approval <br />Dear Mr. Magnuson: <br />I am pleased to inform you that the Colorado Water Conservation Board approved your loan <br />amendment request on September 19, 2007. The Board approved changing CWCB's loan participation <br />from 75% to 89 %. Additionally, the Board approved extending the time of completion of the project to <br />January 2014, at which time the loan term will be amended from a 30 -year term to a 20 -year term. The <br />loan will be at an interest rate of 2.5% for 30- years. I have attached a copy of the updated Board memo <br />concerning the New Cache La Poudre Irrigating Company's request. Please refer to page 4 of that <br />memo and to the Section "Action taken by the CWCB on September 19, 2007 ". <br />The Board's approval was based on the Company meeting the following conditions. <br />An approved contract must be in -place before loan funds can be advanced. Vaughn <br />McWilliams, with our office will be in contact with you to initiate this process. If you should <br />have any questions, Vaughn's phone number is 303 - 866 -3462. <br />2. You must adhere to CWCB's Standard Contracting Provisions. <br />3. The authorization will not commit the Colorado Water Conservation Board to provide any <br />further additional funding for the New Cache La Poudre Irrigating Company New Reservoir <br />Construction Project. <br />Flood Protection • Water Supply Planning and Finance . Stream and Lake Protection <br />Water Supply Protection • Conservation and Drought Planning <br />