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<br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sh,'rmiln St~l't'l, Room nl <br />Iknwr. Colorado 80203 <br />Phone: (303) 8b6-J4..tl <br />fAX: (3OJ) 866-40474 <br />www.cwcb.state.(O.us <br /> <br /> <br />September 24, 2002 <br /> <br />Bill ()o..:ens <br />Gov<.'rnor <br /> <br />Mr. Terry Retherford, President <br />Lorna Ditch & Lateral Company <br />P.O. Box II <br />Lorna, Colorado 81524-0011 <br /> <br />GregE Walcher <br />E..<<utivl' Dir<<tor <br /> <br />Rod Kuharich <br />eWeB Dmoctor <br /> <br />RE: Loan for Ditch Rehabilitation <br /> <br />Dan ~t(Auhi(e <br />D.'puty Di<<'Ctor <br /> <br />Dear T eITy: <br /> <br />I am pleased to inform you that the Colorado Water Consep,'ation Board (eWCB) approved your Small <br />Project Loan request on September 12. 2002. The loan is for rehabilitation and underground piping of <br />the remaining open concrete ditch. <br /> <br />The Board approved a Small Project Loan from the Construction Fund in a maximum amount of <br />5250.235. with the understanding that the loan \vilJ be reduced to $178,000 when NRCS funds are <br />received upon project completion. 1 have attached a copy of the updated Board memo that includes <br />approval conditions on Page 5 under the section "Action taken by the eWCB on September 12, <br />2002." The approved loan terms are 2.75% for 30 years, however the Board did note that the <br />Company has been proactive in its special assessments for this project and ""anted to make sure you <br />are also aware of other loan options that are available. These options include a lO-year interest rate <br />of 2.50% (a reduction of 114 of one percent from the 3D-year rate), and a IO-year interest rate of <br />2.25% (a reduction of Y2 of one percent). Bruce Johnson will pro\"ide you with additional details on <br />these options. <br /> <br />\\ oen the Board approves a Small Project Loan there remain several conditions: <br /> <br />a) A Feasibilitv Study is required. Bruce Johnson has re\iewed the study titled <br />"Feasibility of Constmcrion for Lorna Duch and Lateral Company." The report, in <br />combination \\ith the CWCB board memo dated August 30. 2001 meets the <br />requirements of the CWCB Construction Fund Guidelines for feasibility studies. If <br />you do desire to change the loan terms as discussed above please let us k.llOW. The <br />Feasibility Study will need to be revised accordingly. <br /> <br />b) An approved contract must be in olace before funes can be ad\"JI1ced, Jan Illian will <br />place this project on our contracting "hot list" and initiate the loan contracting process" <br />Based on your ~is~ussions ,,"ith our staif I uncers!ar:d th2.: the project will n~d funds to <br /> <br />FlooJ Pro(,'Ction . Watt'!' Supply Plannmg and FlIlallCt'. SIt('.1m anJ Lal.e Prot''l:llOn <br />\\"att'!' Suppl~' Protoi'("ll(\n. COfl-""'r.....1t!on and Drought Planning <br />