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<br />'- <br /> <br />- <br /> <br />, <br /> <br />ROBERT L. STIEBEN, President <br /> <br />BEN DUMLER, Secretary Manager <br /> <br />The North Poudre Irrigation Company <br /> <br />P. O. Box 100 Phone 568-3612 and 568,3966 <br />Wellington. Colorado 80549 <br /> <br />June 15, 1988 <br /> <br />Jf/ <br />tr,j? <br />Jill{ .!l fJ (J <br />1.6 <br />f'.^ ~: 1988 <br /> <br />l' <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br /> <br />Attention: Mr. J. William McDonald, Director <br /> <br />He: Park Creek Reservoir <br /> <br />Dear Mr. McDonald: <br /> <br />At the regular monthly meeting of the Board of Directors of <br />North poudre Irrigation Company on June 8, 1988, the Board <br />authorized me to submit a Letter of Intent to the U. S. <br />Department of Interior indicating our intent to repurchase our <br />outstanding loan at a discounted price. <br /> <br />I was also instructed to make the necessary arrangements to <br />acquire the funds to prepay the loan. By letter dated May 18, <br />1988 to Mr. Nick Ioannides, we inquired about the possibility of <br />receiving the full amount of the repurchase price of our loan <br />from the C.W.C.B. under S.B.30. We proposed that the level of <br />annual loan payments that are currently being made to Interior <br />be maintained to repay a loan from C.W.C.B. A loan of <br />$163,665.00 plus five per cent interest can be retired in about <br />ten years with an annual payment of $20,000.00. We are asking <br />that this method of financing and repayment be approved by your <br />Board. <br /> <br />North poudre can document that the Company has made <br />seventeen full payments to Reclamation on time and the Board of <br />Directors by appropriate action can obligate the Company to <br />repayment. We can give appropriate security to assure repayment <br />of a loan. We are prepared to make a specific decision after <br />discussion with you or your staff. <br /> <br />I f you <br />hesitate to <br />Hill, copies <br /> <br />need any additional information please do not <br />contact me. Please send our attorney, Alden V. <br />of any correspondence so he will be kept informed. <br /> <br />~s truly, <br /> <br />W~OC~ <br /> <br />Robert L. Stieben <br />President <br /> <br />cc: Mr. Alden V. Hill <br />