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DNR COLORADO <br /> CO y Colorado Water <br /> � Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 721 <br /> Denver, CO 80203 <br /> November 21, 2014 <br /> Mr. Carl Brouwer, Project Manager <br /> Northern Colorado Water Conservation District <br /> 220 Water Avenue <br /> Berthoud, CO 80513 <br /> Re: Granby Hydropower Project <br /> Mr. Brouwer: <br /> I am pleased to inform you that on November 20, 2014, the Colorado Water Conservation Board <br /> approved the change to clarify that the pledged revenues for the Project loan. The approval is <br /> to allow only those revenues from the Granby Hydropower facility and not revenues from the <br /> entire Enterprise to be pledged towards repayment of the Project loan. The loan terms shall <br /> remain as 30 years at 2.0% per annum. <br /> No funds shall be disbursed until the following contract conditions have been satisfied. The third <br /> contract condition was added to address the pledged revenues. <br /> 1) Execution of the Lease of Power Privilege <br /> 2) Execution of the Power Purchase Agreement <br /> 3) Modify the existing Enterprise debt to clearly define the Pledged Revenues used for the <br /> construction of the Carter Hydropower Plant. <br /> On behalf of the Board, I would like to thank you for your patience and assistance with this <br /> request. <br /> Sincerely, <br /> Kirk Russell, P.E., Chief <br /> Finance Section <br /> Attachment: Updated Board Memo <br /> E-mail Copy (Including Attachments): Diane Hoppe, CWCB Board Member- South Platte River Basin <br /> to4 <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us <br /> ,r c. <br /> John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director *, *! <br />