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<br />. <br /> <br />STAT~F COLORADO <br /> <br />o <br /> <br />Colorado Water Conservation Board <br />~epartment of Natural Resources <br /> <br />.21 State Centennial Building <br />1313 Sbennan Street <br />Denver. Colorado 80203 <br />Phone (303) 866-3441 <br />FAX (303) 866-4474 <br /> <br />Roy Romer <br />Governor <br /> <br />James S. Lochhead <br />Executive Director. DNR <br /> <br />MEMORANDUM <br /> <br />Danes C. We. P.E. <br />Director, CWCB <br /> <br />TO: Colorado Water Conservation Board Members <br /> <br />FROM: Bill Green13~ <br />DATE: January 9, 1995 <br /> <br />SUBJECT: Agenda Item 19a., January 25-26, 1995, Board Meeting -- <br />Water Project Construction Loan Program - Follow-up Report on Loans <br />Approved November 4, 1994 - Left Hand Ditch Company <br /> <br />e <br /> <br />BACKGROUND <br /> <br />At the November 4, 1994 meeting, the Board approved funding for modification of the <br />spillway on the Left Hand Valley Reservoir in the amount of $370,000 (not to exceed 75 <br />percent of actual project costs). Since the reservoir provides water for both agricultural as <br />well as mUnicipal and industrial uses, the Board suggested that the lending rate be a weighted <br />average of 4.0 percent for the agricultural water users and 5,0 percent for municipal and <br />industrial water users. <br /> <br />DISCUSSION <br /> <br />The final version of the feasibility study for the project was submitted last month by Rocky <br />Mountain Consultants (RMC) ofLongmont. The study indicated 63 percent agricultural share <br />ownership and 37 percent municipal/industrial share ownership in the reservoir. Using these <br />percentages, the report suggested a lending rate of 4.375 percent for the CWCB loan. <br /> <br />The staff has reviewed the financial analysis in the final report and finds the impact of the <br />proposed financing arrangements on future share assessments to be reasonable. <br /> <br />e <br />