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<br />. <br /> <br />. <br /> <br />. <br /> <br />COLORADO WATER CONSERVATION BOARD <br /> <br />Spring Creek Extension Ditch Co. <br />January, 1993 <br /> <br />Introduction <br /> <br />The Spring Creek Extension Ditch Company very recently submitted an <br />application for a $46,000 loan from the CWCB construction fund. The reason for <br />requesting this loan is very well documented in the attached letter from David <br />Sullivan, president of the company. <br /> <br />Staff reviewed the attached letter and all of the enclosures listed thereon, and <br />has concluded that this project should be recommended for approval to the Board <br />unless there is a legal restraint from doing so. I have requested a legal opinion on this <br />matter from the Attorney General's office as of this date. If the Attorney General's <br />office has no problems, staff will inspect the site to be sure that it has been properly <br />constructed before we would execute a contract for the loan. <br /> <br />After discussion with staff, Mr. Sullivan stated that his company would be <br />agreeable to a 20 year, 4% loan and if the Board approved this loan the company <br />would have to pay the CWCB $3,384.68 each year for twenty years for a total <br />repayment of $67,693.60. <br /> <br />Recommendation <br /> <br />It is recommended that this project be authorized by the General Assembly in <br />the amount of $46,000 subject to the proposed terms of financing set forth above and <br />subject to the company demonstrating to the Board's satisfaction that it can meet its <br />repayment obligation. <br /> <br />FMA/ dbr <br />dr0182.mem <br />