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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 />Bill Ritter, Jr. <br />Governor <br /> <br />May 28, 2008 <br /> <br />Harris D. Sherman <br />DNR Executive Director <br /> <br />Mr. George Fulton <br />Granby Ditch and Reservoir Company <br />P.O. Box 399 <br />Cedaredge, Colorado 81413 <br /> <br />Jennifer L. Gimbel <br />CWCB Director <br /> <br />Dan McAuliffe <br />CWCB Deputy Director <br /> <br />RE: Granby #12 Dam Rehabilitation Project <br />Contract Number C150266 <br /> <br />Dear Mr. Fulton: <br /> <br />I am pleased to inform you that on May 21,2008 the Colorado Water Conservation Board (CWCB) <br />approved your loan request for the Granby #12 Dam Rehabilitation Project as described in the <br />application and approved Loan Feasibility Study titled "Feasibility of Repair and Rehabilitation of <br />Granby #12 Dam, April, 2008". The Board approved a loan not to exceed $254,520 ($252,000 for <br />project costs and $2,520 for the 1 % Loan Service Fee) with loan terms of2.35% per annum for 30 <br />years. I have attached a copy of the updated Board memo dated May 13, 2008, that includes the Board's <br />approval. <br /> <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br /> <br />A) Board/Staff Approval Conditions: <br /> <br />Share assessments must be increased to cover the CWCB debt service prior to contracting <br />with the CWCR <br /> <br />B) Contracting: An approved contract must be in place before funds can be disbursed. Vaughn <br />McWilliams will initiate the loan contracting process for this project. When all of the contract <br />conditions are met and the contract is executed the Company may request loan funds to cover <br />eligible project expenses. You can contact Vaughn at (303) 866.3462 regarding the <br />requirements. <br /> <br />Water Supply Protection. Watershed Protection & Flood Mitigation. Stream & Lake Protection. Water Supply Planning & Finance <br />Water Conservation & Drought Planning. Intrastate Water Management & Development <br />