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STATE OF COLORADO <br /> Colorado Water Conservation Board ��NS <br /> ya?.-Op <br /> Department of Natural Resources w Atea:4.,.�2 <br /> 1313 Sherman Street,Room 721 <br /> Denver,Colorado 80203 x:N �, <br /> Phone:(303)866-3441 "E)'`., %off <br /> FAX:(303)866 1474 4.1 876 <br /> www.cwcb.state.co.us 193 <br /> April 8,2005 Bill Owens <br /> Governor <br /> Russell George <br /> Mr.Iry Johnson,President Executive Director <br /> Bull Creek Reservoir,Canal and Power Company Rod xuharich <br /> P.O. Box 25 <br /> Mesa, CO 81464 CWCB Director <br /> Dan McAuliffe <br /> RE: Bull Creek Reservoir Nos. 1,2&4 Rehabilitation Project Loan Deputy Director <br /> Loan Contract No. 150188 <br /> Dear Mr.Johnson <br /> This letter notifies you I am temporarily deferring execution of Loan Contract No. 150188 related to the <br /> rehabilitation of three Bull Creek reservoirs. My primary concern is that the Company is currently in <br /> breach of the deadlines established in the Water Court stipulation dated October 1,2004 in Case No. 01- <br /> CW-337,Div. 5. This breach puts into question the reliability of the water rights that are the subject of the <br /> State Engineer's abandonment case,and thus the breach directly affects the value of the collateral for this <br /> loan. Accordingly,until such time that the Company resolves the breach of the stipulation,we cannot <br /> execute the loan for failure to provide adequate collateral. If no resolution is forthcoming,I may request <br /> that the Colorado Water Conservation Board deauthorize this loan according to its authority under C.R.S. § <br /> 37-60-120(2). <br /> My staff also has additional concerns regarding this project, and these concerns are outlined in the attached <br /> memorandum. I encourage you to work with your project engineer,the Division Engineer,and others to <br /> resolve these concerns. <br /> I sincerely hope that this project can go forward with CWCB funding. If you have any questions regarding <br /> any of these issues,please feel free to contact Kirk Russell at 303.866.3449. <br /> Sincerely, <br /> Serlet,P.E.,j;>%- <br /> Mike Chief <br /> Water Supply Planning and Finance Section <br /> Colorado Water Conservation Board <br /> E-mail Copy to: <br /> John Redifer,CWCB Board Member(Colorado Mainstem)iredifer@mesastate.edu <br /> Rod Kuharich,CWCB Director <br /> Amy Stengel,AGO amy.stengel@a,state.co.us <br /> John Sikora,Assistant Division Engineer,SEO Division 5 <br /> John Blair,Dam Safety,Division 5 <br /> Garrett Jackson,Dam Safety,Division 5 <br /> Flood Protection•Water Supply Planning and Finance•Stream and Lake Protection <br /> Water Supply Protection•Conservation and Drought Planning <br />