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<br />. <br /> <br />C/587hg <br />STATE O~COLORADO <br />- <br /> <br />Colorado Water Conservation Board <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 />May 23, 1997 <br /> <br />Roy Romer <br />Governor <br />James S. Lochheild <br />Executive Director, DNR <br />OariesC. life, P.E. <br />Director, eWeB <br /> <br />Mr. William Grasmick, President <br />Lower Arkansas Water Management Association <br />P.O. Box 1161 <br />Lamar, co 81052 <br /> <br />Re: Loan for Acquisition of Water Rights <br /> <br />Dear Mr. Grasmick: <br /> <br />I am pleased to inform you that at the May 12, 1997 meeting of the Colorado Water Conservation Board, <br />the Board approved a loan of up to $2,300,000 from the Arkansas River Augmentation Loan Account of <br />the Construction Fund to the Lower Arkansas Water Management Association for the purpose of acquiring <br />shares in the Highland Irrigation Company and the Fort Bent Ditch Company for use in LAMW A's <br />augmentation program. The Board also approved, for the same purpose, the release of all funds in the <br />escrow account which was established from the sale of the X- Y Ranch lands by LA WMA. <br /> <br />The loan will be structured, per LA WMA's request, with a repayment schedule which provides for <br />payments of $67,200 per year for the first ten years. Payments in the remaining 30 years will be $118,398 <br />per year such that the overall rate of return to the Construction Fund will be 3.0 percent for 40 years. <br /> <br />Please continue to coordinate with Bill Green on the completion of the feasibility work and with Jan Illian <br />on the loan contract. <br /> <br />We are happy to be of assistance to LA WMA in your very diligent efforts to deal with the many new <br />conditions and requirements for Colorado water users in the lower Arkansas River Basin. On behalf of the <br />Board and the staff, I would like to thank you for applying for a loan from the Colorado Water <br />Conservation Board Construction Fund. <br /> <br />Sincerely, <br /> <br />ttljI1J1~ ? ~~ <br /> <br />William P Stanton, P. E. <br />Chief, Project Planning and Construction Section <br /> <br />cc: Alan Hamel, Board Member <br />Chuck Lile <br />Bill Green <br />Jan Illian <br />Linda Bassi, AGO <br />Don Higbee, LA WMA <br />Amelia Whiting, Moses, Wittemeyer, Harrison and Woodruff <br />