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<br />t <br /> <br />. <br />STATE OF COLORADO <br />- <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />131 3 Sherman Street <br />Denver, Colorado 80203 <br />Phone, 13031866.3441 <br />fAX, (303) 866.4474 <br /> <br />Roy Romer <br />Governor <br /> <br />Jtlmes S. lochheild <br />E:o;ecutive DireLtor. DNR <br /> <br />O;:lries C. lile, P.E. <br />Director, CWCB <br /> <br />December 3, 1997 <br /> <br />Mr. Joseph E. Rottman <br />Chatfield South Water District <br />8730 W. Mountain View Lane <br />Littleton, CO 80125 <br /> <br />RE: Purchase of Water Rights <br />Loan Recommendation <br /> <br />Dear Mr. Rottman, <br /> <br />Concerning your application for a loan from the Construction Fund, I am pleased to inform you the <br />Colorado Water Conservation Board (CWCB) has decided to recommended your request for <br />$500,000 to the General Assembly for consideration in the annual Construction Fund Bill. It is our <br />understanding these funds will be used to purchase raw water rights for the Chatfield South Water <br />District. <br /> <br />The CWCB approved a loan term of20 years at an interest rate of 4.75%. I have attached a copy of <br />the updated Board memo concerning the Chatfield South Water District. Please refer to page 3 of <br />that memo and to the section "Action Taken by the CWCB, November 25, 1997". <br /> <br />When the Board recommends a loan request to be included in the Construction Fund Bill, there <br />remain several conditions: <br /> <br />a. The Bill must be approved bv the General Assemblv and silffied bv the Governor. <br />This is usually accomplished around June 1 ". <br /> <br />b. The Chatfield South Water District must pass a formal resolution. The resolution is <br />needed before we can complete the loan contract, and may require a ballot <br />referendum to allow the water rights to be used as security for the loan. Jan Illian <br />(866-3441) will send a copy of the resolution to you. Please contact Jan if you have <br />any questions on this matter. <br /> <br />c. An approved contract must be in place before funds can be advanced. Jan Illian will <br />contact you concerning our contracting procedure. It usually takes 2 to 3 months to <br />complete the contract. In the mean time you are encouraged to continue evaluating <br />water rights for possible purchase. <br />