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<br />~ <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: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />February 6,2006 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. David Force, Treasurer <br />Hope Ditch Company <br />2531 East 165th Avenue <br />Brighton, CO 80602 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Rick Brown <br />Acting Deputy Director <br /> <br />RE: Loan to Construct Replace Existing Well <br /> <br />Dear Dave: <br /> <br />I am pleased to inform you that on January 25, 2006 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used to replace an existing well for <br />domestic water supply. The Board approved a loan not to exceed $154,530 ($153,000 for project <br />costs and $1,530 for the 1 % Loan Service Fee) with loan terms of3.75% per annum for 30 years. I <br />have attached a copy of the updated Board memo that includes a section "Action taken by the CWCB <br />on January 25,2006. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) Feasibility Study: Bruce Johnson has reviewed the study titled "Feasibility of <br />Replacement Well for Hope Ditch Company, December 2005." No further action is <br />required of you on this item. The report, in combination with the CWCB Board Memo <br />revised February 1, 2006, will meet the requirements of the CWCB Construction Fund <br />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 regarding contracting <br />requirements. <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 Prote.ction . Conservation and Drought Planning <br />