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<br />r~ J. t-~ 'L~L- <br /> <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:~03)866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />November 24, 2004 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. James Briscoe, Secretary/Treasurer <br />Beaver Reservoir Company <br />P.O. Box 120 <br />Hotchkiss, CO 81419 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />RE: Beaver Reservoir Liner Protection & Valve Replacement Project Loan <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Dear Mr. Briscoe: <br /> <br />I am pleased to inform you that on November 17, 2004 the Colorado Water Conservation Board <br />(CWCB) approved your loan request. We understand that the loan will be used to repair and protect the <br />reservoir liner and install a new outlet valve. <br /> <br />The Board apptoveda loannotto exceed $129,785 ($128,500 for project costs and $1,285 for the <br />1 % Loan Service Fee) with loan terms of2.5% per annum for 30 years. I have attached a copy of <br />the updated Board memo that includes the "Action taken by the CWCB on November 17, 2004". ~ <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study Kirk Russell, P.E. has reviewed the study titled "Beaver reservoir <br />Feasibility Study - 2004. " Modifications will be requested by Mr. Russell via phone/fax or <br />email in the next couple weeks. The study, in combination with the CWCB board memo dated <br />November 9, 2004 (Revised November 24,2004) will meet the requirements of the CWCB <br />Construction Fund Guidelines for feasibility studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. Chad Henderson will <br />. initiate the loan contracting process for this project. Once the contract is finalized the Company <br />may request loan funds to cover eligible proj ect expenses. You can contact Mr. Henderson at <br />303-866-3462. <br /> <br />c ) You must adhere to the CWCB Design and Construction Administration Procedures. Tim <br />Feehan will contact you regarding the CWCB requirements concerning proj ect bidding, design, <br />and construction. Mr. Feehan will make construction site visits, which will be the basis of the <br />monthly pay estimates for disbursement of your loan funds. You can contact Mr. Feehan at <br />303-866-3480. . <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />