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<br />.. <br /> <br />,j <br /> <br />ewes <br />MAY 2 4 1991 <br /> <br />e <br /> <br />Lloyd Ranch Limited Partnership <br />3216 East Spruce Street <br />Seattle, Washington 98122 <br />Phone: (206) 323-7957 <br />Fax: (206) 325-9359 <br /> <br />May 20, 1991 <br /> <br />Mr. Frank Akers <br />Colorado Water Conservancy Board <br />823 State Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br /> <br />Dear Mr. Akers: <br /> <br />This letter is in response to your letter of May 13. <br />1991. In that letter you raised certain questions regarding <br />our responses to your letter of April 1. 1991. <br /> <br />e <br /> <br />Before responding to this latest inquiry, let me first <br />state that each of the issues you are currently raising has <br />already been thoroughly responded to by either myself or <br />Walt Raber. Nothing we have previously presented to you has <br />been misrepresented nor has it been so difficult to <br />understand that it should require this type of ongoing <br />scrutiny. If there are other underlying concerns which the <br />Board has not explicitly expressed, we would appreciate <br />being apprised of them posthaste. <br /> <br />Your first question deals with the partnership's <br />ability to raise additional funds from the limited partners <br />in the event operating eXPenses exceed operating revenue. We <br />have already exhaustively covered this sUbject but let me <br />try one more time. <br /> <br />When the partnership was formed, the amount of the <br />limited partners contributions exceeded the purchase price <br />of the property by $400,000. These excess funds were to be <br />used for paying the interest on the Deed of Trust and to <br />make improvements to the property. The contributions of the <br />limited partners were spread over 2 and one half years, at <br />six month intervals, and preceded by two weeks the payments <br />that were due on the Deed of Trust. <br /> <br />e <br />