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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 /> Bill Ritter, Jr. <br />` <br />November 20, 2008 Governor <br /> Hams D. Sherman <br /> DNR Executive Director <br />Mr. Dan Grant, Secretary/Treasurer Jennifer L. Gimbel <br />Boulder White Rock Ditch and Reservoir Company CWCB Director <br />P.O. Box 1826 Dan McAuliffe <br />Longmont, Colorado 80502 cwc6 Deputy Director <br />RE: Panama Reservoir Outlet Project <br />Contract Number C150279 <br />Dear Mr. Grant: <br />I am pleased to inform you that on November 19, 2008 the Colorado Water Conservation Board <br />(CWCB) approved your loan request for the Panama Reservoir Outlet Project as described in the <br />application and approved Loan Feasibility Study titled "Panama Reservoir Outlet Project, October <br />2008. " The Board approved a loan not to exceed $2,430,060 ($2,406,000 for project costs and <br />$24,060 for the 1 % Loan Service Fee) with loan terms of 3.45% per annum for 30 years. I have <br />attached a copy of the updated Boazd memo dated November 20, 2008, that includes the Board's <br />approval. <br />After the Board approves a loan there aze a few steps that remain in the loan process including: <br />A) 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) 866-3441 x 3227 regarding the <br />requirements. <br />B) 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 • Slream & Lake Protection • Water tiupply Planning & Finance <br />Water Conservation & Drought Planning • Intrastate Water Management & Development <br />