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l4t;rrr �7 't�,'�'; �se!s Presider �Cha:rmue <br />Wax,isos Chacey, Secretaryi Truasurcr <br />ger <br />Carrie S.'-Ne�ss. Mar), <br />Gene; llaD os, Assistai)i Mawijer <br />August 27, 2009 <br />v. <br />►v <br />Mr. Vaughn McWilliams <br />Colorado Water Conservation Board <br />Water Supply Planning and Finance Section <br />1580 Logan Street, Suite 750 <br />Denver, CO 80203 <br />RE: Loan Contract No. C 15 0261 <br />Dear Vaughn, <br />Steve % lartvigsen <br />Robert Hutl <br />Harold' Skiviii:*1 <br />On May 29, 2009, the Pagosa Area Water and Sanitation District (the "District") received <br />authorization from the Colorado Department of Public Health and Environment Water <br />Quality Control Commission of a $9,322,353 American Recovery and Reinvestment Act <br />(ARRA) award. <br />ARRA funds will be used to decommission and eliminate the Highlands Lagoon <br />Wastewater Treatment Facility located on North Pagosa Blvd., and to construct 7.5 miles <br />of sewer pipeline to the Vista Wastewater Treatment Plant. The completed project will <br />allow the aging Highlands facility to be retired after over 30 years of service and will <br />resolve many treatment issues. <br />On June 5, 2009, The Board of Directors of the Colorado Water Resources and Power <br />Development Authority (the "Authority ") approved the District's application in a total <br />amount of $9,322,353: $1,309,282 in the form of principal forgiveness, an ARRA Loan <br />in the amount of $4,801,942 at an interest rate of 0% for a term of 20 years; and a base <br />program loan in the amount of $3,211,129 at an interest rate of 0% for a term of 20 years. <br />I would like to ask your assistance in fulfilling the District's obligation to the CWCB <br />resulting from the provisions in the Loan #C150261 regarding additional financing. As I <br />understand item e:) of the Loan Contract, Additional Debts or Bonds section, the District <br />"may issue parity debt only with the prior written approval of the CWCB, provided that:" <br />the conditions further listed as i.) and ii.) are met. <br />Please find attached a parity certificate which has been issued by an independent certified <br />public accounting firm, Wall, Smith, Bateman and Associates, Inc., which attests to the <br />District's compliance with debt service coverage as well as required testing to issue new <br />bonds. <br />100 L_y11 AvP-nuo , <br />N.' t4 pawsd.org (970) 731 -2691 <br />P0. 06,4-nr 4610 Pagosa Springs, Colorado 81157 FAX 1970) 731 -2693 <br />