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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 />July 31,2006 <br /> <br />Bill Owens <br />Governor <br /> <br />Mr. Al Cole, President <br />Lincoln Park Crooked Ditch Company <br />P.O. Box 756 <br />Canon City, Colorado 81212 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Loan for Ditch Rehabilitation Project <br /> <br />Dear AI: <br /> <br />I am pleased to inform you that on July 25, 2006 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used rehabilitate the Company's <br />existing piped irrigation ditch. The Board approved a loan in a maximum amount $1,818,000 <br />(including the 1 % loan service charge) with loan terms of3.25% per annum for 30 years. I have <br />attached a copy of the updated Board memo that includes a section "Action taken by the CWCB on July <br />25, 2006. <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. Bruce Johnson has reviewed the study titled <br />"Feasibility of Reconstruction of the Lincoln Park Crooked Ditch-May 2006." A few <br />minor revisions are needed to finalize the document so that contract preparation can <br />begin. Please continue to work with Bruce Johnson to complete this study. The report, <br />in combination with the CWCB board memo dated July 14, 2006 will meet the <br />requirements of the CWCB Water Project Loan Program Guidelines for feasibility <br />studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. Vaughn <br />McWilliams will place this project on our contracting "hot list" and will initiate the loan <br />contracting process. Once the contract is finalized the Company may request loan funds <br />to cover eligible project expenses. For future reference Vaughn's phone number is <br />303-866-3462. <br /> <br />c) You must adhere to the CWCB Design and Construction Administration Procedures. <br />Tim Feehan will contact you regarding the CWCB requirements concerning project <br />bidding, design, and construction. Tim will make construction inspections, which will <br />be the basis of the monthly pay estimates for disbursement of your loan funds. Tim's <br />phone number is 303-866-3480. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />