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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) 866-344] <br />Fax: (303)866-4474 <br />www.cwcb. state.co. us <br /> Bill Ritter, Jr. <br /> Governor <br />September 22, 2008 <br /> Hams D. Sherman <br /> DNR Executive Director <br /> <br />Mayo Sommermeyer, General Council Jennifer L. Gimbel <br /> CWCB Director <br />WRCC, Inc. <br /> <br />106 Elm Avenue Dan McAuliffe <br /> CWCB Deputy Director <br />Eaton, Colorado 80615 <br />RE: Windsor Dam and Spillway Maintenance Project <br />Contract Number C 150271 <br />Dear Mr. Sommermeyer: <br />I am pleased to inform you that on September 17, 2008 the Colorado Water Conservation Board <br />(CWCB) approved your loan request for the Windsor Dam and Spillway Maintenance Project as <br />described in the application and approved Loan Feasibility Study titled "Feasibility of Windsor Dam <br />and Spillway Maintenance Project, August, 2008 ". The Board approved a loan not to exceed <br />$1,285,730 ($1,273,000 for project costs and $12,730 for the 1% Loan Service Fee) with loan terms <br />of 2.55% per annum for 30 years. I have attached a copy of the updated Board memo dated September <br />19, 2008, that includes the Board's approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br />Contractinl?: 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) 866-3441 x 3227 regarding the <br />requirements. The contract will include the following contract provision: <br />Full payment of the Farmers Bank bridge loan with proceeds from the CWCB funds. <br />Design/Construction: You must adhere to the CWCB Design and Construction Administration <br />Procedures. Tim Feehan will contact you regarding this phase of the process. Tim will make <br />construction site visits, which will be the basis of pay estimates for disbursement of your loan <br />funds. You can contact Tim at his desk at (303) 866-3441 x 3211 or cell phone (303) 618- <br />5010. <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 />