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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 />James Briscoe <br />Lone Cabin Ditch and Reservoir Company <br />42384 Lamborn Mesa Road <br />Paonia, CO 81428 <br />Re: Reservoir Rehabilitation Project <br />Contract Number C150361 <br />Mr. Briscoe: <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 Reservoir Rehabilitation Project as described in the <br />application and approved Loan Feasibility Study titled "Geotechnical and Design Report - Lone <br />Cabin Dam Rehabilitation ", dated May 16, 2013. The Board approved a loan not to exceed <br />$252,803 ($250,300 for project costs and $2,503 for the 1% Loan Service Fee). The loan terms <br />shall be 30 years at an agricultural interest rate of 1.75% 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) Design/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. I will be the Project Manager for this phase of the process. I <br />will work with you on the disbursements of your loan funds. You can contact me at (303) <br />866 -3441 x3232. <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 Compact Compliance • Watershed Protection • Flood Planning & Mitigation • Stream & Lake Protection <br />Water Project Loans & Grants • Water Modeling • Conservation & Drought Planning • Water Supply Planning <br />