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<br />--J1-S <br /> <br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 ShermJlll Street, Room 721 <br />Denver. Colorado 80203 <br />Phone: (303) 866.3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />May 23, 2002 <br /> <br />Bill Owens <br />Governor <br /> <br />GTeg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director' <br /> <br />Mr. John Peroulis, Partner <br />John Peroulis & Sons Partnership <br />P.O. Box 1015 <br />Craig, CO 81626 <br /> <br />RE: <br /> <br />Rehabilitation of Martin Cull Dam <br />Small Project loan Approval <br />(Follow-up loan) . <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Mr. Peroulis, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB) approved your <br />follow-up Small Project loan request on May 20, 2002. The loan is for rehabilitation work on the <br />Martin Cull Dam. <br /> <br />The Board approved an additional Small Project Loan from the Construction- Fund in a maximum <br />amount of $100,000, based on the collateral offered. (The Board was willing to approve the entire <br />$150,000 requested amount, but only if additional collateral was provided.) The loan terms are <br />2.75% for 30 years. I have attached a copy of the updated Board memo conceming the John <br />Peroulis & Sons Partnership. Please refer to page 4 of that memo and to the section "Action taken <br />by the CWCB May 20, 2002." <br /> <br />When the Board approves a Small Project Loan there remain several conditions: <br /> <br />a) A Feasibility Study is reauired. John Van Sciver has reviewed the study titled "Feasibility study <br />- Rehabilitation of the Martin Gu/l Dam" by Brian Len P.E. of Northwest Colorado Consultants, <br />Inc. The report meets the requirements of the CWCB Construction Fund Guidelines for <br />feasibility studies and has been accepted by this office. <br /> <br />b) An approved contract must be in place before funds can be advanced. Jan IlIian has placed <br />this follow-up loan on our contracting "hot lisf' and has initiated the loan contracting process. I <br />understand the project will be constructed in summer-fall 2002, and that the Partnership will <br />need funds from this loan to pay contractor bills on or about September 1, 2002. Our goal is to <br />have this follow-up ioan contract signed by all parties to meet these scheduled dates. <br />