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. . I \ I I I I I I I I I I I I I I I I I I i l ~ ~I. ';:~cCE!\/E'J :. . ~ 'I:',' Farm Credit Services 245 North Waco. P.O, Box 2940 Wichita. Kansas 67201-2940 3161266-5100 November 3, 1987 THE ISH RESERVOIR COMPANY % Ms. Jane King, Secretary 1908 Riverglen Drive Berthoud, Colorado 80513 Dear Ms. King: The Loan Committee has approved your company's request for $40,000 of addi- tional term financing to be used to make necessary repairs and improvements to your dam structures. The enclosed loan agreement will outline the condi- tions under which this loan is being made including the repayment schedule. The Bank will continue to bill the company quarterly for interest based on our varIable rate at that time. Our rate is currently 8.75% and wili in- crease to 9.25% effective November 1. We assume that this information will suffice in meeting your request related to verification of the Bank's loan approval and other information necessary for inclusion in the feasibility study. Should you require additional information after review of these documents, please do not hesitate to contact us. You will note that the Bank's loan agreements carry a condition within them related to outside borrowings which states that loans from other sources would only be obtained upon written approval of the Bank. Because you anti- cipate borrowing the remainder of the necessary financing from the eWCB, it will be necessary for the Bank to review the final arrangement that is made with them. At this time, based on the information that has been provided, the Bank does not object to this arrangement but reserves the right to review the final documentation and the potential impact of it on loans from the Bank. We would appreciate your cooperation in this area. I am enclosing a note and two copies of Loan Agreement T -4323. I am also enclosing two Resolution forms. Your loan agreement limits advances to your cooperative until you have furnished the Bank one completed resolution from your board of directors authorizing this borrowing; and until you have ob- tained stockholder approval of this borrowing. I call your attention to the Special Condition which requires the association to levy and coilect annually from its members sufficient assessments for those items iisted in the special condition. The farm Credit System SeIvi~Kansas. 0II1a1qna. Colorado and New t,!exico -25- I ,&Jih