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STATE OF COLORADO <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street,Room 721 ye 0 <br /> Denver,Colorado 80203 Q. <br /> Phone:(303)866-3441 * X876 4,*, <br /> FAX:(303)866-4474 <br /> www.cwcb.state.co.us <br /> Bill Owens <br /> Governor <br /> December 2, 2002 Greg E.Watcher <br /> Executive Director <br /> Rod Kuharich <br /> CWCB Director <br /> Dan McAuliffe <br /> Mr. Gary Kennedy, Superintendent Deputy Director <br /> Mancos Water Conservancy District RE: Mancos Project <br /> 42888 County Road N Loan Recommendation <br /> Mancos, CO 81328 <br /> Dear Gary, <br /> I am pleased to inform you that the Colorado Water Conservation Board (CWCB) has <br /> recommended your loan to the General Assembly for approval. Your loan request will be <br /> included in the 2003 Water Project Construction Bill. Loan funds will be authorized in <br /> spring 2003, once the Governor has signed the bill. I understand the loan will be used to <br /> rehabilitate District facilities, and to consolidate existing debt. <br /> The Board approved a loan from the Severance Tax Trust Fund Perpetual Base Account <br /> in a maximum amount of $5,486,531. The loan terms are 2.8% for 30 years. I have <br /> attached a copy of the updated Board memo concerning the Mancos Water Conservancy <br /> District. Please refer to page 4 of that memo and to the section "Action taken by the <br /> CWCB November 26, 2001." <br /> When the Board approves a loan there remain several conditions: <br /> a) A Feasibility Study is required. John Van Sciver has reviewed the study titled <br /> "Feasibility Report for the Mancos Project Rehabilitation"prepared by the District. The <br /> report meets the requirements of the CWCB Construction Fund Guidelines for <br /> feasibility studies. <br />