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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) 866-4474 <br />www.cwcb.state.co.us <br />September 30, 2013 <br />John W. <br />Gove oHickenlooper <br />Mike King <br />DNR Executive Director <br />Jay Yeager, Manager <br />Santa Maria Reservoir Company <br />James Eklund <br />CWCB Director <br />PO Box 288 <br />Monte Vista, CO 81144 <br />Re: Continental Dam Spillway Restoration Project <br />Contract Number C 15 03 65 <br />Mr. Yeager: <br />I am pleased to inform you that on September 25, 2013 the Colorado Water Conservation Board <br />approved your loan request for the Continental Dam Spillway Restoration Project as described in <br />the application and approved Loan Feasibility Study titled "Phase 2 — Santa Maria <br />Rehabilitation Initiative, Continental Dam Rehabilitation Project," dated July 1, 2013. The <br />Board approved a loan not to exceed $3,071,663 ($3,041,250 for project costs and $30,413 for the <br />1% Loan Service Fee). The loan terms shall be 30 years at the agricultural interest rate of 1.75% <br />per annum. <br />I have attached a copy of the updated Board memo dated September 26, 2013, that includes the <br />Board's approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br />A) Contracting: An approved contract must be in place before funds can be disbursed. Peg <br />Mason will contact you to initiate the loan contracting process for this project. When all of <br />the contract conditions are met and the contract is executed the Company may request loan <br />funds to cover eligible project expenses. You can reach Peg at (303) 866 -3441 x3227. <br />B) DesiwVConstruction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Anna Mauss will be the Project Manager for this phase of the <br />process. Anna will work with you on the disbursements of your loan funds. You can contact <br />her at (303) 866 -3441 x3224. <br />NOTE: No expenses incurred on any work performed prior to execution of the WSRA <br />Grant Contract will be eligible for reimbursement through the loan or grant. <br />Interstate & Federal • Watershed & Flood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Planning <br />