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<br />" <br />." <br /> <br />~" <br />.J <br /> <br />. <br /> <br />.' <br /> <br />poudre has been given approval for additional loans of <br /> <br />approximately $500,000 or 50% of the cost of repairs, whichever <br /> <br />is less, for the repair of. Clark Lake, and approximately <br /> <br />$250,000 or 50% of the cost of repairs, whichever is less, for <br /> <br />the repairs to North Poudre Reservoir No.2, with these loans <br /> <br />to be at an interest rate of 5% per annum for a 40-year <br /> <br />repayment term with a cost of approximately $4.50 per share per <br />year over the 40-year repayment period: and <br />As one of the conditions of any loan from the <br /> <br />Colorado Water Conservation Board, North poudre must also be <br /> <br />able to pay the remaining one-half of the costs of repairs of <br /> <br />North Poudre Reservoir No. 15, Clark Lake, and North poudre <br /> <br />Reservoir No.2, and if not raised by assessments, this amount <br /> <br />of money would have to be borrowed from some other commercial <br /> <br />source: and <br /> <br />Assistance from th~ Colorado Water Conservation Board <br /> <br />is not easy to obtain because of the number of competing <br /> <br />applicants, and if this loan can be obtained, there will be <br /> <br />savings of tremendous interest costs as the result of reducing <br /> <br />the amount of money which, in the absence of obtaining the <br /> <br />Colorado Water Conservation aoard loan, must be borrowed at the <br /> <br />higher commercial rates to pay for the necessary repairs to <br />North Poudre No. 15, Clark Lake and to North Poudre Reservoir <br /> <br />No.2: and <br /> <br />The Board knows and the Stockholders should know that <br /> <br />there is substantial rehabilitation expense which must be made <br /> <br />- 2 - <br />