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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.cc.us <br />March 23, 2012 <br />John W. Hickenlooper - <br />Governor <br />Mr. Rod Reinhardt <br />Irrigation Company <br />Terrace Irri g P y <br />Mike King <br />DNR Executive Director <br />P.O. Box 109 <br />Vista, <br />Monte Vista CO 81144 <br />Jennifer 3Director <br />CWCB Director <br />Re: Spillway Replacement Project <br />Contract Number C150332 <br />Mr. Reinhardt: <br />I am pleased to inform you that on March 20, 2012 the Colorado Water Conservation Board <br />approved your loan request for the Spillway Replacement Project as described in the application <br />and approved Loan Feasibility Study titled "Feasibility of Spillway Replacement of Terrace <br />Reservoir," dated January 2012. The Board approved a loan not to exceed $2,751,968 <br />($2,724,721 for project costs and $27,247 for the 1% Loan Service Fee). The loan terms shall be <br />30 years at an interest rate of 1.75% per annum. <br />I have attached a copy of the updated Board memo dated March 23, 2012, that includes the Board's <br />approval. <br />After the Board approves a loan there are a few steps that remain in the loan process including: <br />A) Board/Staff Approval Conditions: <br />Should the Project fail to reach substantial completion before expiration of the contract the <br />Project will initiate repayment at an interest rate of 4.15% in lieu of 1.75 %. <br />B) Contracting: An approved contract must be in place before funds can be disbursed. <br />Vaughn McWilliams will initiate the loan contracting process for this project. When all of <br />the contract conditions are met and the contract is executed the Company may request loan <br />funds to cover eligible project expenses. You can contact Vaughn at (303) 866 -3441 x 3227 <br />regarding the requirements. <br />C) Design/Construction: You must adhere to the CWCB Design and Construction <br />Administration Procedures. Kirk Russell will be the project manager for this phase of the <br />process. Kirk will make construction site visits, which will be the basis of pay estimates for <br />disbursement of your loan funds. You can contact Kirk at his desk (303) 866 -3441 x 3232 <br />or cell phone (303) 956 -5653. <br />Interstate & Federal • Watershed & Flood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water supply Planning <br />