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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />721 Centennial Building <br />131 3 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br /> <br />Glenn Porzak, Esq. <br />Porzak Browning & Johnson LLP <br />929 Pearl Street, Suite 300 <br />Boulder, CO 80302 <br /> <br />Dear Glenn, <br /> <br />STATE OF cOLORA.DO <br /> <br />" <br /> <br />Roy Romer <br />Governor <br /> <br />June 16, 1998 <br /> <br />James S. Lochhead <br />Executive Director. DNR <br /> <br />Dories C. Lile, f'E. <br />Director, eWeB <br /> <br />Enclosed is the redline version of the contract for the loan in the amount of <br />$7,492,520 from CWCB to Eagle Park Reservoir Company. <br /> <br />The reference to "simple" with respect to the interest rate of 5.45% has been <br />omitted. However, the compounding has been limited to an annual basis. I think <br />this is what you were trying to achieve with the use of the term "simple." If you <br />have any questions regarding this edit, please contact me. <br /> <br />We have revised the partial release of collateral language to allow the early <br />release of collateral in the event of prepayment, and to condition releases on the <br />ratio of the value of remaining collateral to the loan balance remaining the same <br />as on the effective date of the contract. The ratio of 1.33 is based on a current <br />value of the collateral of approximately $10,000,000 and the loan balance of <br />$7,500,000. The Board based its approval of releases of collateral on that ratio <br />at the March 1997 Board meeting. <br /> <br />Please contact me or Linda Bassi if you have any questions or comments. <br /> <br />SinC,IY" . <br /> <br /> <br />'dtLt!X {{'{lH <br /> <br />J." --r <br />Janis/S. lilian, Contract Administrator <br />1/ <br /> <br />cc: Bassi, AGO <br />Stanton <br />Green <br /> <br />; <br />'- <br />