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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866.3441 <br />FAX: (303) 866-4474 <br /> <br />STATE C~ COLORJ\DO <br /> <br />- <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E. Walcher <br />Executive Director, DNR <br /> <br />February 12, 1999 <br /> <br />Peter H. Evans <br />Acting Director, eWeB <br /> <br />Mr. Harold Kester, President <br />Ryan Gulch Reservoir Company <br />P.O. Box 299 <br />Loveland, Colorado 80539 <br /> <br />Re: Ryan Gulch Reservoir Project <br /> <br />Dear Mr. Kester: <br /> <br />I am writing to confirm that at the January 27,1999 meeting ofthe Colorado Water Conservation <br />Board, the Board recommended a Construction Fund loan of$317,500, not to exceed 75 percent <br />of actual project costs, to the Ryan Gulch Reservoir Company for the construction of a new <br />spillway on Ryan Gulch Dam. The term of the loan is for up to 30 years and the approved <br />lending rate is 4.25 percent. <br /> <br />The Board's action on the $317,500 loan request will be included in the 1999 CWCB legislation <br />(SB 99-173) and is subject to authorization by the General Assembly. If authorized by the <br />General Assembly, the proceeds for this loan should be available in mid-1999. <br /> <br />As security for the loan, it is expected that the Company will pledge revenues from assessments <br />as well as the dam and reservoir with about 900 acres of land owned by the Company. The <br />Board also required that, prior to the execution of a loan contract, the Company's shareholders <br />must approve the loan, the pledge of revenues and the conveyance of a security interest in Ryan <br />Gulch Reservoir by the Company to the CWCB. <br /> <br />Please coordinate with Jan Illian of this office on all matters related to contracting. She will be <br />responsible for drafting and processing of contract documents. No funds may be disbursed until a <br />fully executed contract is in place. <br /> <br />~ <br /> <br />Mike Serlet of this office will be responsible for reviewing the project plans and specifications <br />and for all matters related to project construction including approval of design and construction <br />payments. Please contact him before beginning design work on the project. <br />