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STATE OF COLORADO <br /> Colorado Water Conservation Board <br /> Department of Natural Resources ` A �\ <br /> 1313 Sherman Street,Room 721 t -� d z <br /> Denver,Colorado 80203 ^_; i <br /> Phone:(303)866-3441 „_ <br /> Fax:(303)866-4474 • \1876* <br /> www.cwcb.state.co.us '• ;9}I • <br /> December 11,2013 <br /> John W.Hickenlooper <br /> Governor <br /> James Briscoe <br /> Lone Cabin Ditch and Reservoir Company Mike King <br /> 42384 Lamborn Mesa Road DNR Executive Director <br /> Paonia, CO 81428 James Eklund <br /> CWCB Director <br /> Re: Reservoir Rehabilitation Project <br /> Loan Contract C150361 and Grant Contract C150529 <br /> Mr. Briscoe: <br /> This letter is an attempt to clarify the intent of the following bold statement which is shown on the CWCB <br /> Loan Approval Letter. <br /> "NOTE: No expenses incurred on any work performed prior to execution of the WSRA Grant <br /> Contract will be eligible for reimbursement through the loan or grant.” <br /> This Project was approved by CWCB as a Loan-Grant funded project with a disbursement ratio.The <br /> WSRA Grant contract specifically states that the grant funds CANNOT pay for project costs incurred <br /> prior to the execution of the grant contract and the CWCB loan contract specifically states that the loan <br /> proceeds CAN pay for applicable past project expenses. Since this Project has both a grant and a loan,the <br /> more restrictive grant contract controls the timing of`eligible expenses'. <br /> In order for CWCB to pay for the past project expenses utilizing the loan funds,the total request for funds <br /> must satisfy both the ratio and the amount of the prior eligible expenses. As an example: If the Loan- <br /> Grant ratio is 50%-50%and there are $35,000 in past expenses(you wish to cover with the loan),then an <br /> additional$35,000 grant eligible expenses(incurred after receipt of a Notice to Proceed from CWCB for <br /> the grant)must be included on the same invoice before the loan funds can be used to cover the past <br /> expenses. <br /> It is important to note that as of the date of this letter neither contract for this project have has been signed <br /> and therefore project funding cannot be guaranteed. If you have any additional questions please feel free <br /> to contact me. <br /> Sincerely, <br /> Kirk Russell,P.E.,Chief <br /> Finance&Administration Section <br /> E-mail Copy:John McClow,CWCB Board Member—Gunnison River Basin <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 />