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<br />, <br /> <br />, <br /> <br />. <br /> <br />STAT~F COLORADO <br /> <br />o <br /> <br />, Colorado Water Conservation Board <br />Department of Natural Resources <br /> <br />721 State Centennial Building <br />1313 Shennan Street <br />Denver, Colorado 80203 <br />Phone (303) 866-3441 <br />FAX (303) 866-4474 <br /> <br />Roy Romer <br />Governor <br /> <br />December 20, 1994 <br /> <br />James S. Lochhead <br />Executive Director, DNR <br /> <br />Daries C. Iile, P.E. <br />Director. CWCB <br /> <br />Mr. Larry W. Cleaver <br />Town Administrator <br />Town of Palisade <br />P.O. Box 128 <br />Palisade, CO 81526 <br /> <br />RE: Replacement of the Cottonwood Pipeline <br />Initial Loan Approval <br /> <br />Dear Mr. Cleaver, <br /> <br />Concerning your application for a loan from the Construction Fund, I am pleased to inform you <br />that the Colorado Water Conservation Board (CWCB) has granted initial approval of your request <br />in the amount of $750,000 for the construction project. It is our understanding that these funds <br />will be used to replace the Town's Cottonwood Creek raw water pipeline. <br /> <br />v <br />The CWCB also approved a loan term of 30 years at an interest rate of 4%. 1 have attached a <br />copy of the updated Board memo concerning the Town of Palisade. Please refer to page 3 of that <br />memo and to the section "Action Taken by the CWCB, November 4,1994". Your Construction <br />loan will be considered by the State General Assembly as part of the 1995 Construction Fund bill, <br />with passage expected in May 1995. Funds will be available about July 1, 1995, provided we <br />can negotiate a contract by that date. <br /> <br />The Board has given their initial approval subject to several conditions: <br /> <br />a. A Feasibilitv Studv must be completed. The study should include an evaluation of the <br />alternatives the Town has considered, and state why the selected alternative (gravity <br />pipeline) was chosen. The study must also show that the Town can afford the annual loan <br />payments to the CWCB, and indicate where the funds will come from to make those <br />payments. 1 have included a general outline for feasibility studies and request that you <br />contact Bill Green of this office (303-866-3441). Bill can provide assistance and <br />guidance, and will ultimately be reviewing the study. <br /> <br />b. You mav continue to pursue funding with the Colorado Water Resources and Power <br />Development Authoritv. Although it appears that the town does not qualify for bond <br />fmancing through the Authority, the town may qualify for a loan from the Domestic <br />Water Supply Project Revolving Fund. If you have not already done so, you should <br />confirm with Mr. Barry Cress of the Division of Local Government (DLG) (303-866- <br />