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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 />May 4, 2004 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Russell B. Sanford, Vice President and Legal <br />Trollco, Inc. <br />1625 Pelican Lakes Point, Suite 201 <br />Windsor, CO _ 80550 <br /> <br />RE: Loan for Dual Water System <br /> <br />Dear Mr. Sanford <br /> <br />I would like to thank you for applying for a loan from the Colorado Water Conservation Board. Also, I <br />appreciate you meeting with Bruce Johnson of our office on April 22nd, following the departure of John Van <br />Sciver. Following that meeting we have further reviewed your loan application relative to CWCB loan <br />policies, and have had several discussions with Rod Kuharich, CWCB Director and Eric Wilkinson, Board <br />Member. <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />As you are aware, CWCB supports the concept of dual water systems and has participated financially in the <br />research work that Colorado State University has been doing. Nonetheless, it is unusual for the CWCB to <br />consider any type of loan where the identified sources of loan repayment are so heavily tied to future growth <br />and land development. In fact, when considering loans to municipalities, and loan parity requests, the Board <br />uses a guideline of no more than 10% tap fee revenues when considering capacity for loan repayment. <br /> <br />Accordingly, upon further review of your proposed project and our loan policies, the CWCB respectfully <br />declines further consideration of your proposed new loan request. We do wish you continued success in <br />the development of Water Valley and the proposed dual water system. <br /> <br />I would remind you that the authorization for the existing loan to the Poudre Tech Metro District, <br />approved by the CWCB in November 2002, is still available if Trolleo, Inc. and the District can find a <br />way to avail themselves of the funds. Thanks for your interest in our program. <br /> <br />;1 <br /> <br />::;;d~JI- <br /> <br />Mi~:t, P.E., Chief <br />Water Supply Planning and Finance Section <br />Colorado Water Conservation Board <br /> <br />cc: Eric Wilkinson, Board Member, Colorado Water Conservation Board <br />Rod Kuharich, Director, Colorado Water Conservation Board <br /> <br />Flood Protection · Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />