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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 />Huerfano County Water Conservancy District <br />Michael (Sandy) White, Director <br />Attn: Carol Dunn, Secretary <br />PO Box 1213 <br />La Veta, CO 81055 <br />Re: Regional Augmentation Project <br />Contract Number C 15 03 64 <br />Mr. White: <br />John W. Hickenlooper <br />Governor <br />Mike King <br />DNR Executive Director <br />James Eklund <br />CWCB Director <br />I am pleased to inform you that on September 25, 2013 the Colorado Water Conservation Board <br />approved your loan request for the Regional Augmentation Project as described in the application <br />and approved Loan Feasibility Study titled "Loan Feasibility Study for Huerfano County <br />Regional Augmentation Project," dated July 2013. The Board approved a loan not to exceed <br />$2,222,000 ($2,200,000 for project costs and $22,000 for the 1% Loan Service Fee). The loan <br />terms shall be 30 years at the low - income municipal rate of 2.25% 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 District may request loan <br />funds to cover eligible project expenses. You can reach Peg at (303) 866 -3441 x3227. <br />The contract will have the following additional condition: <br />If the District sells, conveys, assigns, transfers, or otherwise disposes of any portion of <br />land purchased with CWCB funds from this loan, proceeds from such transfer shall be <br />applied to the CWCB debt service within 90 days of the sale. In the event of such sale or <br />transfer and the proceeds not applied to this CWCB debt, the CWCB may declare all <br />outstanding principal and interest immediately due and payable. <br />Interstate & Federal • Watershed & Flood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Planning <br />