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sTATE oF coLORADo <br />~ <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 />July 17, 2007 <br />Mr. Ken Bollers, President <br />Henrylyn Irrigation District <br />P.O. BOX 8S <br />Hudson, Colorado 80642 <br />RE: Loan for Henrylyn Irrigation District - Reservoir Rehabilitation <br />Dear Ken: <br />Bill Ritter, Jr. <br />Governor <br />Harris D. Sherman <br />Executive Director <br />Dan McAuliffe <br />Acting CWCB <br />Director <br />I am pleased to inform you that on July 12, 2007 the Colorado Water Conservation Board (CWCB) <br />approved your loan request. We understand that the loan will be used ta repair the outlet works and <br />add toe drains at Horse Creek Reservoir, and repair the outlet works at Prospect Reservoir. <br />The Board approved a loan in a maximuxn amount $2,184,327 (including the 1% loan service <br />charge) with loan terms of 2.25% per annum for 30 years. I have attached a copy of the updated <br />Board memo that includes a section "Action taken by the CWCB on July 12, 2Q07." I call your <br />attention to the approval conditions that will require the District to conduct an election in order to <br />incur debt, in accordance with applicable State statutes, and to establish a CWCB loan reserve fund. <br />When the Board approves a loan there remain several conditions: <br />a) A Feasibilitv Studv is rectuired. Bruce Johnson has reviewed the study titled <br />"Feasibility Study for Horse Creek and Prospect Reservoirs, May, 2007. " No further <br />action is required of you on this item. The report, in combination with the CWCB board <br />memo dated July 2, 2007 will meet the requirements of the CWCB Water Project Loan <br />Program Guidelines for feasibility studies. <br />b) An an.~roved 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 />c) You must adhere to the CWCB Desi~n 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 w' <br />be the basis of the monthly pay estimates for disbursement of your loan funds. T' <br />phone number is 303-866-3480. <br />Flood Protection • Water Supply P1arnling and Finance`• Siream and Lake Protection <br />Water Snpply Protection • Conservation and Drought Planning <br />