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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 /> May 23, 2016 <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 May 18, 2016, the Colorado Water Conservation Board <br /> approved a loan increase for the Dam Outlet Works Rehabilitation Project of $120,190 <br /> ($119,000 for Project costs and $1,190 for the 1% Loan Service Fee), for a total loan not to <br /> exceed $901,930 ($893,000 for Project cost and $8,930 for the 1% Loan Service Fee). The loan <br /> terms shall remain 30 years at 2.40% per annum. <br /> I have attached a copy of the updated Board memo dated May 20, 2016 that includes the Board's <br /> approval. <br /> As you are aware, an amended contract must be in place before the additional funds can be <br /> disbursed. Peg Mason, Loan Contracts Manager, will initiate the loan amendment process. You can <br /> contact Peg at (303) 866-3441 x3227 regarding the status of the amendment. <br /> On behalf of the Board, I would like to thank you for your interest in a loan from the CWCB. <br /> Sincerely, <br /> Kirk Russell, P.E., Chief <br /> Finance Section <br /> Attachment: Updated Board Memo <br /> ov cow. <br /> 'f'. <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us `, <br /> John W. Hickenlooper, Governor I Robert Randall, Interim DNR Director I James Eklund, CWCB Director <br /> ../87c* <br />