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I <br /> • STATE OF COLORADO <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 721 721 Centennial Building ��7 <br /> 1313 Sherman Street <br /> Denver, Colorado 80203 <br /> Phone: (303)866-3441 <br /> FAX: (303)866-4474 Roy Romer <br /> Governor <br /> May 23, 1997 James S.Lochhead <br /> Executive Director,DNR <br /> Daries C.Lile,P.E. <br /> Director,CWCB <br /> Mr. William Grasmick,President <br /> Lower Arkansas Water Management Association <br /> P.O. Box 1161 <br /> Lamar, CO 81052 <br /> Re: Loan for Acquisition of Water Rights <br /> Dear Mr. Grasmick: <br /> I am pleased to inform you that at the May 12, 1997 meeting of the Colorado Water Conservation Board, <br /> the Board approved a loan of up to$2,300,000 from the Arkansas River Augmentation Loan Account of <br /> the Construction Fund to the Lower Arkansas Water Management Association for the purpose of acquiring <br /> shares in the Highland Irrigation Company and the Fort Bent Ditch Company for use in LAMWA's <br /> augmentation program. The Board also approved,for the same purpose,the release of all funds in the <br /> escrow account which was established from the sale of the X-Y Ranch lands by LAWMA. <br /> The loan will be structured,per LAWMA's request,with a repayment schedule which provides for <br /> payments of$67,200 per year for the first ten years. Payments in the remaining 30 years will be$118,398 <br /> per year such that the overall rate of return to the Construction Fund will be 3.0 percent for 40 years. <br /> Please continue to coordinate with Bill Green on the completion of the feasibility work and with Jan Illian <br /> on the loan contract. <br /> We are happy to be of assistance to LAWMA in your very diligent efforts to deal with the many new <br /> conditions and requirements for Colorado water users in the lower Arkansas River Basin. On behalf of the <br /> Board and the staff,I would like to thank you for applying for a loan from the Colorado Water <br /> Conservation Board Construction Fund. <br /> Sincerely, <br /> William P Stanton, P. E. <br /> Chief, Project Planning and Construction Section <br /> cc: Alan Hamel, Board Member <br /> Chuck Lile <br /> Bill Green <br /> Jan Illian <br /> Linda Bassi,AGO <br /> Don Higbee,LAWMA <br /> Amelia Whiting,Moses, Wittemeyer, Harrison and Woodruff <br />