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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 /> Governor <br />July 27, 2009 <br /> Harris D. Shennan <br /> DNR Executive Director <br />Manuel Monto a <br />General Mana er <br />Mr <br />Y g Jennifer L. Gimbel <br />, <br />. CWCB Director <br />Farmers Reservoir and Irrigation Company <br />80 South 27th Avenue Dan McAuliffe <br /> CWCB Deputy Director <br />Brighton, Colorado 80601 <br />RE: Milton Reservoir and Barr Lake Improvements Project <br />Contract Number C150297 <br />Dear Mr. Montoya: <br />I am pleased to inform you that on July 21, 2009 the Colorado Water Conservation Board approved <br />your loan request for the Milton Reservoir and Barr Lake Improvements Project as described in the <br />application and approved Loan Feasibility Study titled "Feasibility Study: Milton Reservoir Spillway <br />and Outlet Works Improvement and Barr Lake Spillway Improvements" dated June 2009. The Board <br />approved a loan not to exceed $3,535,000 ($3,500,000 for project costs and $35,000 for the 1% Loan <br />Service Fee) with loan terms of 3.7% per annum for 30 years. I have attached a copy of the updated <br />Board memo dated July 22, 2009 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 />A) Contractin~: 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 />As part of the CWCB loan contracting process, shareholders must approve the $27 <br />assessment through a shareholder resolution. <br />B) Desi~n/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 />