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<br />. <br /> <br />STATE Cj? COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone' (303) 866-3441 <br />FAX, (303) 866-4474 <br /> <br />March 8, 2000 <br /> <br />~ <br /> <br />Bill Owens <br />Governor <br /> <br />The Farmers Independent Ditch Company <br />Attn: Frank Eckhardt, Jr" President <br />p, 0, Box 210 <br />Greeley, CO 80624 <br /> <br />Greg E.Walcher <br />Executive Dtrector <br /> <br />Peter H. Evans <br />ewes Director <br /> <br />Subject: Loan Contract C 153795 <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Mr, Eckhardt: <br /> <br />The Company entered into a contract with the CWCB for a loan in the amount of $55,000 for <br />the rehabilitation of the Company's ditch. Tl1e project was completed on April 29, 1998 and <br />the Company used only $37,585.96 of the funds. In September 1999 the eWCB provided the <br />Company with a contract amendment to reduce the loan amount from $55,000 to $37,585,96, <br />the amount actually borrowed by the Company. <br /> <br />It is my understanding that these documents are being reviewed by the Company's Board of <br />Directors and, upon approval, will be executed and returned so that the Company's obligation <br />can be formally reduced to $37,585,96. The original loan contract, along with all of the <br />recorded documents as well as the promissory note reflects a loan amount of $55,000, The <br />amendment, the new promissory note, amen(led security agreement and revised assignment <br />of deposit account and assignment of certificate of deposit that will establish the loan of <br />$37,585.96, <br /> <br />The Company's certificate of deposit that is used as collateral for the loan, currently in the <br />amount of $3,084.82, will be up for renewal on June 12, 2000, If the contract amendment is <br />completed by the renewal date, the CD can be renewed for the reduced amount of $2,108,11 <br />(the amount of one annual payment), Please let me know when you would like to replace the <br />CD and I will assist with transmitting the origin<ll CD to the bank. <br /> <br />Please contact me at 303/866-3441 if you have any questions or concerns regarding the <br />amendment or the certificate of deposit. I 1001< forward to completing the contract amendment <br />so that all contract documents and correct obligations are in order, <br /> <br />Sincerely, <br /> <br />/- <br /> <br />; .l{ul91LCC~G <br /> <br />'"-""Jailis llian, Contract Administrator <br />Co; ruction Fund Section <br /> <br />cc: Bassi, AGO <br />CWCS Contract File <br />CWCS Chrono File <br />