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<br />ST A TE 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:~03)86~3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />December 1, 2003 <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Mr. Allen Ringle, Manager <br />Lake Meredith Reservoir Company <br />331 Main Street <br />Ordway, CO 81603 <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Re: Dear Mr. Ringle, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board. approved your loan <br />increase request on November20, 2003. The additional loan funds are for completing the construction <br />ofthe new outlet channel from the Lake Meredith Reservoir. <br /> <br />The Board approved an increase of$471,500 from the 2003 Construction Fund for a new total <br />amended loan amount of$I,471,500. The loan terms are $1,471,500 at 4.0% for 30-years; I have <br />attached a copy of the updated Board memo concerning the Lake Meredith Reservoir Company's loan <br />request. Please refer to page 5 of that memo and to the Section "Action taken by the CWCB November <br />20, 2003". <br /> <br />The Board's approval was based on the Lake Meredith Reservoir Company meeting the <br />following conditions: <br /> <br />1. The Board of Directors of the Lake Meredith Reservoir Company will adopt and approve an <br />increase in assessments to provide adequate debt service coverage for the new loan and for <br />all existing loans. <br /> <br />2. Security for the loan will be a first interest pledge of revenues backed by assessment <br />covenant and a first lien on the project itself in accordance with Policy No.5 <br /> <br />3. The loan increase shall be contingent upon all standard contracting provisions of the <br />Colorado Conservation Board. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />