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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 /> September 30, 2015 <br /> Mr. John Groo, Secretary <br /> Bull Creek Reservoir, Canal, and Power Company <br /> P.O. Box 25 <br /> Molina, CO 81646 <br /> Re: Bull Creek Reservoir No. 4 Rehabilitation Loan — Collateral Change CT2015-165 (C150240) <br /> Mr. Groo: <br /> I am pleased to inform you that on September 17, 2015, the Colorado Water Conservation Board approved <br /> your request to change the current collateral conditions on the loan referenced above. The Board agreed <br /> to remove the requirement for a lien on stockholder's shares and replace it with a security interest in the <br /> Company's water rights. The Company's revenue pledge will remain in place. <br /> The Board also agreed to remove the contractual requirement stating that the Company aggressively <br /> market its reservoir assets to reduce annual assessments. <br /> The Board's approval was conditioned upon the Company successfully making its scheduled annual <br /> payment of$94,081.68 in 2016. After this occurs, the CWCB staff shall begin the process of amending the <br /> Loan Contract reflecting this change. <br /> On behalf of the Board, I would like to thank you for your patience and assistance throughout this <br /> effort. <br /> Sincerely, <br /> 1(kc.-7____A <br /> Kirk Russell, P.E., Chief <br /> Finance Section <br /> Attachment: Updated Board Memo <br /> E-mail Copy (Including Attachments): Russ George, CWCB Board Member - Colorado River Basin <br /> Aco <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us ,(Y A &o <br /> John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director \* =1*! <br /> \?a=i5% <br />