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4 { <br />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 />September 25, 2003 <br />Mr. Thomas Dines, Vice-President <br />Arkansas Groundwater Users Association (AGUA) <br />P.O. Box 7 <br />Ma.nzanola, Colorado 81058 <br />RE: Loan for Purchase of Excelsior Irrigation Company Water Rights/Recharge <br />Proj ect <br />Dear Mr. Dines: <br />B�n oW� <br />Govemor <br />Greg E. Walcher <br />Execuiive D'uector <br />Rod Kuharich <br />CWCB Director <br />Dan McAuliffe <br />Deputy Director <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB) approved your loan <br />request on September 22, 2003, for the purchase 785 shares of Excelsior Irrigating Company for use <br />as a replacement water source to offset depletions from well pumping, and to construct an additional <br />recharge pond and enlarge approximately 4 miles of the Excelsior Ditch for recharge water delivery. <br />The Board approved a loan in a maximum amount of $970,448 (including the 1% loan service charge) <br />with loan terms of 2.50% per annum for 30 years. Approximately $761,327, or the amount available <br />at the time of loan contract, shall be made from the Arkansas River Augmentation Loan Fund, and <br />the balance of the loan shall be from the Construction Fund as a Small Project Loan. I ha.ve <br />attached a copy of the updated Board memo that includes a section "Action taken by the CWCB on <br />September 22, 2003." <br />When the Board approves a loan there remain several conditions: <br />a) A Feasibilit�tudy is required. Bruce Johnson has reviewed the study titled <br />"Feasibility Study Augmentation Water Acquisition - September 19, 2003. " No <br />further action is required of you on this item. The report, in combination with the <br />CWCB board memo dated September 12, 2003 will meet the requirements of the <br />CWCB Construction Fund Guidelines for feasibility studies. <br />b) An approved contract must be in�lace before funds can be advanced. Jan Illian will <br />place this project on our contracting "hot list" and will initiate the loan contracting <br />process. Once the contract is finalized the Company may request loan funds to cover <br />eligible project expenses. For future reference Jan's phone number is 303-866-3462. <br />Flood Protection • Water Supply Planning and Finance • Stream and Lake Protection <br />Water Supply Protecfion • Conservation and Drought Planning <br />