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<br />" <br /> <br />r <br /> <br />. <br /> <br />. <br /> <br />~()t~ <br /> <br />STATE OF COLORADO <br /> <br />COLORADO WATER CONSERVATION BOARD <br />Department of Natural Resources <br /> <br />o <br /> <br />721 Stale Centennial Building <br />1313 Sherman Street <br />Denver. Colorado B0203 <br />PhOne {303) 666-3441 <br />FAX (303) 86&-4474 <br /> <br />Roy Romer <br />Governor <br /> <br />November 15, 1993 <br /> <br />Danese.liSe.p.E. <br />Director. ewes <br /> <br />Mr. Joe Newman <br />Elmwood Lateral Ditch Co. <br />1179 17 Road <br />Fruita. CO 81521 <br /> <br />RE: Elmwood Lateral Ditch Co, <br />Letter of Commitment <br /> <br />Dear Mr. Newman, <br /> <br />Concerning your application for a loan from the Construction Fund, I am pleased to <br />inform you that the eweB Board has granted initial approval of your request in amount <br />of $80,000. The CWCB Board also approved a loan term of 20 years at an interest rate of <br />3%. It is our understanding that these funds will be used to rehabilitate the Elmwood <br />Lateral Ditch. <br />Your loan will be considered by the State General Assembly as part of the 1994 <br />Construction Fund Bill, with passage expected in June 1994. Funds will be available about <br />60 days after that date, <br /> <br />The CWCB will require the following standard items as a condition for loan funding:' <br /> <br />1. Execution of the formal loan contract, <br />2, Formal vote of the Elmwood Lateral Ditch Board to assess the stockholders, and <br />3. Selection of an acceptable contractor. <br /> <br />We will be contacting you concerning the above items, and will be available to assist <br />you with any questions you may have. <br />On behalf of the CWCB Board, I would like to thank you for applying for a <br />Construction Fund Loan with from the Colorado Water Conservation Board. <br /> <br />~LL~ <br /> <br />Daries C. Lile, Director <br />Colorado Water Conservation Board <br /> <br />C:\ WP51\ELMcomm,ltr <br />