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<br />/Z//€.. <br /> <br />. Colorado Water Conservation Board <br />Department of Natural Resources <br /> <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone (303)866-3441 <br />FAX (303) 866-4474 <br /> <br />STATE OF COLORADO <br /> <br />. <br /> <br />Roy Romer <br />Governor <br /> <br />December 16, 1994 <br /> <br />James S. Lochhead <br />Excculive Director. DNR <br /> <br />Danes C. Lile, P.E. <br />Director, CWCB <br /> <br />Mr. Dean Salisbury <br />Acting Town Manager <br />Town of Elizabeth <br />P.O. Box 159 <br />Elizabeth, CO 80107-0159 <br /> <br />RE: Municipal Well Construction <br />Initial Loan Approval <br /> <br />Dear Mr. Salisbury, <br /> <br />Concerning your appliCation for a loan from the Construction Fund, I am pleased to inform you that the <br />Colorado Water Conservation Board (CWCB) has granted initial approval of your request in the amount <br />of $437,250 for the construction project. It is our understanding that these funds will be used to <br />construct a, new well for your Town. . <br /> <br />The eWCB also approved a loan term of 30 years at an interest rate of 5.0%. I have attached a copy <br />of my updated Board memo concerning the Town of Elizabeth. Please refer to page 3 of that memo and <br />to the section "Action Taken by the CWCB, November 4,1994". Your Construction loan will be <br />considered by the State General Assembly as part of the 1995 Construction Fund bill, with passage <br />expected in May 1995. Funds will be available about July 1, 1995, provided we can negotiate a contract <br />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 discuss the alternatives the Town has <br />considered, and state why the selected alternative (the Arapahoe well) was chosen. Much of the <br />information in your 1994 Master Plan Update relates to the feasibility study, so I suggest that <br />plan be an attachment. 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 payments. <br />I have included a general outline for feasibility studies and request that you contact Bill Green <br />of this office (866-3441). Bill can provide assistance and guidance, and will ultimately be <br />reviewing the study. <br /> <br />b. You must continue to pursue bond financing with the Colorado Water Resources and Power <br />Development Authoritv. If the town does not qualify for bond financing through the Authority, <br />