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STATE �F C�L�RA.DQ <br />Cvlorado Water Conservation Board <br />Department of Naturaf Resources <br />1313 Shennan Street, Room 72L <br />L�nver, Colarado 80203 <br />Phone: (303) 8G6-344! <br />Fax:(303)86fi-4d74 <br />wu�r�.c�vcb, state.co. us <br />September 20, 20l 1 <br />Mr. Rodney Nelson., President <br />Lake Canal Reservoir Company <br />c/o Hill & Hill <br />P.o. soX 4�1 <br />l 60 West Mountain <br />Fort Collins, CO 8Q524 <br />Re: Narth Gray Reservoir Rehabiiitatian Project <br />Loan Contract Number C15d322 <br />Dear Mr. Nelson: <br />Jcrhn W". Hickcailaoper <br />C',ovemor <br />Mike King <br />DAiR Exccutive Dircxtor <br />Jea�nifer L. Gintbel <br />CWCI3 pirector <br />I am pleased to inform you that on September 14, 2011 the Colorado Water Conservatian Baard <br />(CWCB} approved your loan request for the North Gray Reservoir Rehabilitation Projeet as <br />described in the appiication and appraved Loan Feasibility Study titled "Feasil�flity Study for <br />Rehabilitation of ��'orth Gruy Reservoi�" dated Au�ust 2011. 'l�i�e Baard approved a loan not to <br />exceed $116,625 ($13. 5,470 for proj ect costs and $1,1 S 5 for ihe l% Loan Service Fee). The loan <br />terms shall be 30 years at an interest rate af 2.10% per annum. <br />I have attached a copy of the updated Board memo dated September 20, 2011, �at includes the <br />Board's approval. <br />After the Board approves a loan there are a few steps that remain in the toan process including: <br />A) Caiztractin�: An approved contract must be in place before funds can be disbursed. <br />Vaughn Mc�Viliiams w-iI1 initiate the loan cantraeting process for this project. When all <br />of the cantract conditions are m.et and the cc>niract is executed the Company rnay request <br />}oan funds ta cover eli�ible project expenses. You can contact Vauglin at (3Q3} 8fi6- <br />3441 x 3227 re�are�ing the requiremants. <br />I�} I3esi�.nlConsir�uction: �i'�u must adhere io the C'WC�B I7esign and C;onstructic�n <br />Adminis�rativn 1'�oeedures. Kirk Russel.t will c�ntact yau r�arding this phase of the <br />prc�e�s, K�xk ���il} make e4nstsuctic��a site visits; whicl� wili t�e the basis of pay estimates <br />fc�r �isburse�nent c�f your i�o�r� fut�ds. �'s7u car= cc�r�taci I�i�-i€ at �is di;:��: at ( t�}31 Sti6- <br />;��I x 3232 c�r c;esl phc�n� (3i�:s) �SEs-55� 5. <br />[ttcerstste & Eed�r�zt d iti�terskeeci 8c 1Fd+cro� �roseec�c�n • Streeen & i:akc Pro:ee.Ritsn •�in�nee <br />�'atcr 6�fr�rm�Eia� • iYaier f.'ousertia€i.c�n &�3re�ug6t ��sndng a i��'ater �'>tF�piw Pl�e��tin� <br />