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<br />" <br /> <br />I <br /> <br />STATE'OF COLORADO <br /> <br />o <br /> <br />.~ <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br /> <br />721 State Centennial Bnilding <br />1313 Sherman Street <br />Denver. Colorado 80203 <br />Phone (303) 866,3441 <br />FAX (303) g66-4474 <br /> <br />Roy Romer <br />Governor <br /> <br />December 20, 1994 <br /> <br />James S. Lochhead . <br />Executive Director, DNR <br /> <br />Daties C, We, P,E. <br />Director. CWCB <br /> <br />Mr, James A. Yale <br />Town Administrator <br />Town of Silt <br />P.O, Box 70 <br />Silt, CO 81652 <br /> <br />RE: Low Pressure Irrigation System <br />Initial Loan Approval <br /> <br />Dear Mr. Yale, <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 $400,000 for the construction project. It is our understanding that these funds <br />will be used to construct a new irrigation system to serve the residents of your Town. <br /> <br />The CWCB also approved a loan term of 30 years at an interest rate of 4,0%, I have attached <br />a copy of my updated Board memo concerning the Town of Silt. Please refer to page 2 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 Study must be completed, The study should include an evaluation of the <br />alternatives the Town has considered, and state why the selected alternative was chosen, <br />Much of this information should be available from your engineer. The study must also <br />show that the Town can afford the annual loan payments to the CWCB, and indicate <br />where the funds will come from to make those payments, I have included a general <br />outline for feasibility studies and request that you contact Bill Green of this office (303- <br />866-3441), Bill can provide assistance and guidance, and will ultimately be reviewing the <br />study, <br /> <br />b, You must continue to pursue bond financing with the Colorado Water Resources and <br />Power Development Authoritv, If the town does not qualify for bond financing through <br />the Authority, the town may qualify for a loan from the Domestic Water Supply Project <br />Revolving Fund. If you have not already done so, you should confirm with Barry Cress <br />