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DNR COLORADO <br /> CO Colorado Water <br /> ' Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> July 20, 2015 <br /> Mr. Nelson Tipton, President <br /> Oligarchy Irrigation Company <br /> 157 Baylor Drive <br /> Longmont, CO 80503 <br /> Re: Dam Outlet Works Rehabilitation <br /> Mr. Tipton: <br /> I am pleased to inform you that on July 15, 2015, the Colorado Water Conservation Board approved your <br /> loan request for the Dam Outlet Works Rehabilitation as described in the application and approved <br /> Loan Feasibility Study titled "Oligarchy Feasibility Study"dated June 1, 2015. The Board approved a <br /> loan not to exceed $781,740 ($774,000 for project costs and $7,740 for the 1% Loan Service Fee). The <br /> loan terms shall be 2.40% per annum for 30 years. <br /> After the Board approves a loan there are a few steps that remain in the loan process including: <br /> Contracting: An executed loan contract must be in place before funds can be disbursed for eligible <br /> project expenses. Peg Mason will contact you to initiate the loan contracting process: however, she can <br /> be reached at (303) 866-3441 x3227. <br /> Design/Construction: You must adhere to the CWCB Design and Construction Administration Procedures <br /> including an invitation to the Prebid, Preconstruciton and Bid Opening meetings. Jonathan Hernandez, <br /> P.E., will be the Project Manager for this phase of the process and will work with you on the disbursements <br /> of your loan funds. He can be reached at (303) 866-3441 x3234. <br /> On behalf of the Board, I would like to thank you for your interest in a loan from the Colorado Water <br /> Conservation Board. <br /> Sincerely, <br /> 41, <br /> Kirk Russell, P.E., Chief <br /> Finance Section <br /> Attachment: Updated Board Memo <br /> E-mail Copy (Including Attachments): Diane Hoppe, CWCB Board Member- South Platte River Basin <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us Ne , '9 <br /> John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director `* <br /> /876 <br />