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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sh€:rman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (3031 866.3441 <br />FAX: (303) 866.4474 <br />www.cwcbstateco.us <br /> <br />STATE OF COLOAADO <br /> <br />Q <br /> <br />Bill Owens <br />eo"ernor <br /> <br />September 5, 2001 <br /> <br />Greg E. Walcher <br />Executive Director <br />Rod Kuharich <br />(WeB Director <br />Dan McAuliffe <br />Deputy Director <br /> <br />Mr. Walter S. Welton, PLSIPE <br />Consolidated Mutual Water Company <br />12700 West 27th Avenue <br />Lakewood, Colorado 80215 <br /> <br />Re: Change to Existing Loan Amount - Fortune Reservoir Construction Project <br /> <br />Dear Mr. Welton: <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board approved <br />your requested increased loan amount of $4,333,000 to the Company's existing 2000 <br />authorization of$I6,300,000 on July 23,2001. <br /> <br />The Board approved the increased loan amount from the Construction Fund in a <br />maximum amount $4,333,000 at a term of 5.50% for 10-years. The 5.50% interest rate <br />was based on year 2001 municipal high-income rate adjusted for a 10-year term. The <br />total approved Construction Fund loan amount for the project is $20,600,000, not to <br />exceed 75% of the total project costs. I have attached a copy of the update'd Board memo <br />concerning the Consolidated Mutual Water Company. Please refer to page 7 of the <br />memo, which summarizes the action taken by the Board. <br /> <br />The Board's approval was based on Consolidated Mutual meeting the following <br />conditions: <br /> <br />1. The Board of Directors of the Consolidated Mutual Water Company will <br />adopt a resolution or resolutions approving the amended loan amount, the <br />pledges of revenues and the conveyance of a security interest in the proposed <br />collateral. <br /> <br />2. Any collateral pledged for the loan shall be free of all liens and encumbrances. <br /> <br />3. The Colorado Water Conservation Board shall have parity status with any <br />existing debt of the Company with respect to a pledge of revenues. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />