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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 />July 21, 2005 <br /> <br />Bill Owens <br />Governor <br /> <br />Jack Burk, President <br />Number Six Ditch Company <br />PO Box 308 <br />Mancos, CO 81328 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Number Six Ditch Pipeline Construction Project Loan <br /> <br />Dear Mr. Burk: <br /> <br />I am pleased to inform you that on July 18,2005 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to improve the ditch by installing <br />a pipe and appurtenances to improve ditch efficiency and reduce salinity impacts in the Colorado River. <br /> <br />The Board approved an initial loan not to exceed $688,942. The Board also approved a post- <br />construction loan not to exceed $265,242 ($258,353 for project costs and $6,889 for the 1% Loan <br />Service Fee) with loan terms of2.5% per annum for 30 years. I have attached a copy of the updated <br />Board memo that includes a section "Action taken by the CWCB on July 18,2005. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) Feasibility Study: Kirk Russell has reviewed the study titled "Feasibility Study- <br />Number Six Ditch Pipeline Project - May 2005." Modifications may be requested by <br />Mr. Russell via phone/fax or emai1 in the next couple weeks. The report, in combination <br />with the CWCB Board Memo dated July 12,2005 will meet the requirements of the <br />CWCB Construction Fund Guidelines for feasibility studies. <br /> <br />b) Contracting: An approved contract must be in place before funds can be advanced. <br />Chad Henderson will initiate the loan contracting process for this project. Once the <br />contract is finalized the Company may request loan funds to cover eligible project <br />expenses. You can contact Chad Henderson at 303-866-3462. <br /> <br />c) Design/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Tim Feehan will contact you regarding the CWCB <br />requirements concerning project bidding, design, and construction. Tim will make <br />construction site visits, which will be the basis of the monthly pay estimates for <br />disbursement of your loan funds. You can contact Tim Feehan at 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 />