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STATE OF COLORADO <br /> Colorado Water Conservation Board ^scR CONSek <br /> Department of Natural Resources °" "T <br /> 7( ow►s\ 2 <br /> 1580 Logan Street,Suite 600 � <br /> Denver,Colorado 80203 , <br /> a <br /> Phone:(303)866-3441 0 •._* <br /> Fax:(303)894-2578 iHfF • <br /> www.cwcb.state.co.us ' • !91.E • <br /> Bill Ritter,Jr. <br /> Governor <br /> August 10, 2010 <br /> Mike King <br /> DNR Executive Director <br /> Charlotte Norman, President Jennifer L.Gimbel <br /> CWCB Director <br /> Penrose Water District <br /> 340 Grant Street <br /> Penrose, CO 81240 <br /> Gary Ratkovich, President <br /> Beaver Park Water <br /> P.O. Box 286 <br /> Penrose, CO 81240 <br /> Re: Loan Contract No. C 150237—Penrose Water District <br /> Dear Charlotte and Gary: <br /> Thank you for the August 9, 2010 letter and update on the Brush Hollow Reservoir storage space <br /> purchase agreement. I would like to assure both boards that the CWCB is supportive of the <br /> project as proposed both in your letter and at the June 3, 2010 meeting that I attended in Penrose. <br /> The CWCB will allow Beaver Park Water("BPW") to sell or otherwise convey the 500 AF of <br /> storage capacity in Brush Hollow Reservoir to Penrose Water District ("PWD"), and I am <br /> comfortable with the terms of such a sale so long as they materially conform to the provisions <br /> that you provided to me in the August 6, 2010 draft agreement. <br /> In addition, the CWCB understands that BPW might carry a portion of the purchase price of the <br /> storage space in the reservoir. I would request that the attorney for either board contact me to <br /> discuss the release of collateral for the storage space prior to the BPW special shareholders <br /> meeting. <br /> CWCB also understands that BPW will utilize excess capacity in the pipeline, and I would <br /> request that you please provide to the CWCB a more detailed description of the operation of the <br /> pipeline by both parties as that information becomes concrete. <br /> Finally, the CWCB will not hold BPW in breach of its CWCB loan contract if BPW participates <br /> in the project as currently proposed, although the CWCB does not intend with this consent to <br /> otherwise waive any rights or obligations contained within that loan contract or its appendices. <br /> Interstate&Federal•Watershed&Flood Protection•Stream&Lake Protection•Finance <br /> Water Information•Water Conservation&Drought Planning•Water Supply Planning <br />