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<br />?- <br /> <br />SWO_C ATTORNEYS <br /> <br />FAX NO. 97~8929 <br /> <br />P.01/02 <br /> <br />" JAN-26-96 FRI 14:44 <br /> <br />SOMMERMEYER WICK DOW & CAMPBELL. LLC <br />"TTORNEYS AT LAW <br /> <br />~ <br /> <br />ROBIN L. WICK <br />TlWOTH.Y J. DOw <br />KliNT N. C.r..tPBELL <br />JAMES O. BR~MeR. <br />BLA.IR J. TRAUTwEIN" <br />KAlllRYhI 5. LONOWSJCl <br />ROBERT J. PENNY. <br />TROY A.. UKASICK" <br />STeVEN G. GREEHL!;,E' <br /> <br />REC .a CLOCK TOWER SQUARE. <br />EIVEO... SOUTH COLLEGE AVENUE <br />P,O. 80X 21&~ <br />JAN L 6 ~ CO~~INS, CO~ORADO 80522 <br />(070) 482-4C 11 <br />Colorado Wmor FAX (G70) "2-8929 <br />Conservation 8o;o,:'d <br /> <br />MAYO SOMMERMEVeR- <br />ot: COUNSEL <br /> <br />a312 c",I;EY A,VENUE <br />CkEYENNe:, WYOMING S,,~l <br />(307) 632-0323 <br /> <br />. ALSO AOMITTEO IN WyOMING <br /> <br />January 26, 1996 <br /> <br />FAX: l303} 866-4474 <br /> <br />Bill Green <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />Re: WRCC Rehabilitation Program <br />Dear Bill: <br /> <br />This letter is in response to a voicemail message I received <br />on Tuesday from Linda Basey of the AG's office concerning the loan <br />documentation and the description of the collateral. We have no <br />problem with eweB taking the structures of the Windsor Reservoir <br />and Canal Company which are involved in the rehab projects as <br />collateral to secure these new loans. My recommendation and <br />request is that since the loan is being structured in phases which <br />may be a few years apart, it would make sense to have those <br />structures involved in each particular phase of the funding be <br />pledged as collateral for that particular note or that portion of <br />the loan advancement. For example, since the priority projects to <br />be addressed with the phase one funding will be the poudre Valley <br />Canal and the Cobb Lake structures, it would seem to me that those <br />structures should be pledged as collateral for that portion of the <br />loan. Several years down the line, for example, when phase three <br />funding is provided for other structures, then those structures <br />would be pledged as collateral. <br /> <br />If you have any questions or problems with this, please let <br />me know. I will be happy to work with you or Linda as to 'precise <br />language for the final loan documents. Of course, we understand <br />that the ditch company assessments of its shareholders will be <br />pledged as additional collateral with respect to the entire <br />loan(s). <br />