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<br />STATE OF 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 />www.cwcb.state.co.us <br /> <br /> <br />March 25, 2002 <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E, Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Mr. Fred Walker, President <br />The Tunnel Water Co, <br />P,O, Box 1584 <br />Fort Collins, CO 80522 <br /> <br />RE: Rehabilitation of the laramie-Poudre Tunnel <br />Request to Adjust loan Interest Rate <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Mr, Walker, <br /> <br />I am sorry to inform you that the Colorado Water Conservation Board (CWCB) voted not to <br />approve your request to lower the interest rate on your existing loans. The loans were for <br />rehabilitation of the laramie-Poudre Tunnel west of Fort Collins, The Board's position is that it has <br />the power to adjust interest rates on existing loans only in cases where the borrower has <br />encountered "" ,significant and unexpected financial difficulties.,," <br /> <br />The Board plans to reconsider its Policy No, 7 to clarify the method used to calculate "weighted <br />average interest rates," I have attached a copy of the updated Board memo concerning the Tunnel <br />Water Company. Please refer to page 2 of that memo and to the section "Action taken by the <br />CWCB March 21, 2002," <br /> <br />On behalf of the Board, I would like to express regret that we are not able to approve your request. <br /> <br />Sincerely, <br /> <br />Mike Serlet, PE, Chief <br />Water Supply Planning and Finance Section <br />Colorado Water Conservation Board <br /> <br />Attachments: <br /> <br />Updated Memo: TunnelWaterCo302memo <br /> <br />cc (w/Altachment): <br /> <br />Mr, Eric Wilkinson, Board Member, Colorado Water Conservation Board <br />CWCB Section B Staff <br />Linda Bassi, AGO <br />Chrono File <br /> <br />C: wp51\Proj-New\TunneIWatertCo 3021tr <br />