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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 />February 16, 2010 <br />Mr. Dennis Hoshiko, President <br />Lower Latham Reservoir Company <br />P.O. Box 398 <br />Kersey, Colorado 80644 <br />RE: Water Rights Purchase/Augmentation Project -Phase III <br />Contract Number C150304 <br />Dear Mr. Hoshiko: <br />Bill Ritter, Jr. <br />Governor <br />James B. Martin <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />Dan McAuliffe <br />CWCB Deputy Director <br />I am pleased to inform you that on January 27, 2010 the Colorado Water Conservation Board approved <br />your loan request for the Well Augmentation Project - Phase III as described in the application and <br />approved Loan Feasibility Study titled "Feasibility of the Lower Latham Reservoir Company Well <br />Augmentation Project - Phase III, November, 2009 ". The Board approved a loan not to exceed <br />$3,811,573 ($3,773,835 for project costs and $37,738 for the 1% Loan Service Fee) with loan terms <br />of 2.75% per annum for 30 years. I have attached a copy of the updated Board memo dated February 4, <br />2010, 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) ContractinQ: 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 />All bridge financing related to the Project be paid in full with the proceeds from this CWCB <br />loan. <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 />