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STATE OF COLORADO <br />Colorado Water Conservation Board <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 />September 24, 2009 <br />Mr. John Groo, Secretary <br />Bull Creek Reservoir, Canal, and Power Company <br />P.O. Box 25 <br />Molina, CO 81646 , <br />Re: Bull Creek Reservoir No. 4 Rehabilitation Project — Revision to Existing Loan <br />Dear Mr. Groo: <br />Bill Ritter Jr. <br />Govemor <br />Harris Sherman <br />DNR Executive <br />Director <br />Jennifer L. Gimbel <br />CWCB D'uector <br />Dan McAuliffe <br />CWCB Deputy <br />Direccor <br />I am pleased to inform you that the Colorado Water Conservation Board approved your loan <br />request on September 15, 2009. The Board approved an increase of $244,218($241,800 for project <br />costs and $2,418 for the 1% loan service) from the 2009 Severance Tax Fund, for a new total amended <br />loan amount of $1,456,218. The loan will be at an interest rate of 2.5% for 30-years. I have attached a <br />copy of the updated Board memo concerning the Bull Creek Reservoir, Canal, and Power Company's <br />request. Please refer to page 6 of that memo, the Recommendation Section, for the action taken by the <br />CWCB on September 15, 2009. <br />The Board's approval was based on the Company meeting the following conditions. <br />An approved contract must be in-place before loan funds can be advanced. Vaughn <br />McWilliams, with our office has been in contact with you to initiate this process. If you <br />should have any questions, Vaughn's phone number is 303-866-3411, ext. 3227. <br />2. You must adhere to CWCB's Standard Contractin� Provisions. <br />3. The authorization will not commit the Colorado Water Conservation Board to provide any <br />further additional funding for the Bull Creek Reservoir No. 4 Rehabilitation Project. <br />Flood Protection • Water Supply Planning and Finance • Stream and Lake Protection <br />Water Supply Protecdon • Conservafion and Drought Planning <br />