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<br />" .y 11-06-1995 12:35 <br /> <br />30.+4518 <br /> <br />BRISCOE ST~& HARPER PC <br /> <br />1".01 <br /> <br />LONE CABIN DITCH , RESERVOIR CO. <br />4236 N Road, Paonia, CO <br />81428 <br />FAX c/o Jim Briscoe 970-872-4518 <br /> <br />RECEIVED <br />NOV 0 6 1995 <br /> <br />CoCo/orado Water <br />nservaUon Board <br /> <br />November 6, 1995 <br /> <br />JAN ILIAN <br />COLORADO WATER CONSERVATION BOARD <br />FAX NO. 303-866-4474 <br /> <br />ReI January, 1994, Board Approval <br />of Loan.interest and.payment <br />adjustmentl Loan Contract <br /> <br />Dear Ms. IHanl <br /> <br />This i. to confirm our conversation this morning concerning the <br />conclusion of the Attorney General's Office that the CWCB does <br />-. not - have the - authority to agree- -tolower---interest rates on the <br />existing loans. Unfortunately, the Lone Cabin has relied upon <br />the January, 1994, approval of (1) deferring the payment for <br />one year, the next payment being due one year after the date <br />of the Contract Amendment, and (2) lowering the interest rate <br />to 3' effective January, 1994. <br /> <br />Although I have not enough time to get a decision from the Board <br />of the Lone Cabin, I am confident they will approve the procedure <br />you and I talked about this morning whereby we would proceed on <br />the following basis: <br /> <br />(1) The Lone Cabin will make the 1995 payment, although we <br />will have to get a small, short term loan from a local <br />bank because we have used part of the available money <br />for summer repairs since we thought the amending contract <br />was approved, deferring the .1995 payment, <br /> <br />(2) The question of lowering the interest rate to 3\, effec- <br />tive January, 1994, when initially approved by the eWeB <br />Board, shall be submitted to the General Assembly this <br />coming session for its approval. I do wish for the <br />General Assembly to be requested to make the interest <br />rate reduction effective January, 1994, as was under- <br />stood to be the case by the Boardsl <br /> <br />(3) The Lone Cabin understands that thete is confusion as <br />to what year the approved deferment applies to, but <br />the January, 1994, Motion and Minutes specifically <br />stated that the payment was deferred for a future <br />year, the next payment then being due one year after <br />the Amending Contract was signed. I believe the <br />Lone Cabin would co-operate towards making an agree- <br />ment whereby the deferred payment becomes the 1992 <br />payment, which was not made, but it will only add <br />more financial pressure to the Lone Cabin's ability <br />to meet its financial obligations, especially when <br />--------- --paymentsAre-due on tne-new loan "to-fie -Beave%'- -- - - <br />