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<br />. <br /> <br />. <br /> <br />ANTHONY W WilLIAMS <br />BERNDT C HOLMES <br />J.D SNODGRASS <br />WilLIAM 0 PRAKKEN <br />BERNARD A. BUESCHER <br />DONALD E. JORDAN <br />DAVID J TURNER <br />MARK A. HERMUNDSTAD <br />JOHN p, GORMLEY <br />SUSAN M CORLE <br /> <br />WILLIAMS, TURNER & HOLMES, P.C. <br /> <br />ATTORNEYS AT LAW <br />COURTHOUSE PLACE BUILDING - 200 N 6th STREET <br />MAILING ADDRESS - PO BOX 338 <br />GRAND JUNCTION, COLORADO 81502 <br />TElECOPIER 1303)241.3026 <br />TELEPHONE 1303)242-6262 <br /> <br />SILMON SMITH (1886-1964) <br />CHARLES HOLMES (1897-19671 <br /> <br />WARREN L TURNER <br />OF COUNSEL <br /> <br />July 18, 1988 <br /> <br />J. William McDonald, Director <br />Colorado Water Conservation Board <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />JUL <br /> <br />1 8 1988 <br /> <br />c. ~r <br /> <br />Dear Bill: <br /> <br />Please find enclosed herewith a modified form <br />Repurchase Contract which you sent to me. I found <br />to be necessary or advisable for several reasons. <br />explain the various modifications. I have merely <br />of the Contract which you sent so that it will be <br />determine where I have made changes. <br /> <br />of the Loan <br />the modifications <br />I will try to <br />marked up a copy <br />easy for you to <br /> <br />On Page 2, I have modified the recital to set forth our semi- <br />annual payments on the two Contracts, and of course we do not yet <br />know the discount rate because that will be recalculated on the <br />first of August. In the "Whereas" paragraph at the bottom of Page 2, <br />we are not now certain whether we will need one hundred percent <br />of the amount necessary to make the repurchase. It may be that <br />we can use some power revenues so I would like to have that held <br />open for the time being. <br /> <br />On Page 3 I made a modification to incorporate the provision <br />in our Articles requiring a special election of the shareholders. <br />I previously advised you of that provision in my letter of June 24. <br /> <br />I modified Paragraph 6 because I did not see how that fit the <br />Grand Valley Water Users very well. We do not really look at it <br />from the point of "services" of the project. We look at it as <br />delivery of water. Hopefully the modification creates no problem, <br />but we cannot keep the wording you proposed because not all persons <br />within our general area are entitled to water. The water is assigned <br />by contract and is appurtenant to the land and some land is simply <br />not irrigable or did not request water. <br /> <br />Paragraph 5 also states that the State has to approve our current <br />rate schedule. Our current schedule for the year 1988 assessed <br />$13.80 per acre. $12.60 of this is intended for operation and main- <br />tenance and $1.20 for repayment. If any user applies more than <br />4 acre feet of water per acre per season, he pays an additional <br />assessment of $4.75 per each additional acre foot. Our minimum <br />