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<br />Mr. Dean Salisbury <br />Town of Elizabeth <br />December 16, 1994 <br /> <br />2 <br /> <br />the town may qualify for a loan from the Domestic Water Supply Project Revolving Fund. If <br />you have not already done so, you should confIrm with Mr. Barry Cress of the Division of Local <br />Government (DLG) (866-2156), or with the Authority itself, that the Town of Elizabeth is on the <br />D~G needs list. This will keep the door open for a loan from the Revolving Fund, at an interest <br />rate of just 4.5%. If you receive a loan from the Revolving Fund for a portion of your project, <br />we can still loan you the rest at a 5.0% rate, up to a maximum of $437,250 (but not more than <br />75% of the total project costs). <br /> <br />c. An aooroved contract must be in olace before the CWCB can release any funds for the oroiect. <br />Jan Illian of this office will draft the contract, and can send you an advanced review copy upon <br />request. Final contract documents will be sent to you for signing after the Construction Fund bill <br />is signed by the Governor, about June 1, 1995. Please contact Jan (866-3441) after February 1, <br />1995 to initiate- the contracting procedure. <br /> <br />d. You may be able to use your CWCB loan to payoff (refinance) aualifying oroiect costs which <br />you incur orior to contracting with this agency. In recommending this project tothe General <br />Assembly, we will include a footnote in the bill that will indicate the loan will be for a water <br />project that may have already been constructed, subject to acceptance by the Director. We expect <br />this note will provide the authority for the Board to include refinancing as an eligible cost in the <br />contract. This means that you could construct the well in the Spring of 1995 using short term <br />bank financing, and then payoff that loan with funds from this agency when funds are available. <br />Please contact Mike Serlet of this office (866-3441) if you wish to take this approach. Mike will <br />explain our contractor bidding and bonding requirements, and will make. fIeld inspections during <br />construction. <br /> <br />On behalf of the Board, I would like to thank you for applying for a Construction Fund loan from the <br />Colorado Water Conservation Board. <br /> <br /> <br />- - ~ <br /> <br />es C. Lile, P.~~ <br />Director, Colorado Water Conservation Board <br /> <br />NS:jV5 <br />Atlachments: updated Memo 29S.NOV and Feasibility Study Checklist <br /> <br />cc (wI Attachments): <br />David Harrison, Member CWCB <br />Dan Law, Colorado Watr:c and Power Development Authority <br />Barry Cress, Colorado Division of Loca1 Government <br />cc (w/o Attachments): <br />PeIa" Evans, CWCB Deputy Director <br />Bill Stanton, CWCB Staff <br />Section B, CWCB Staff <br />W:\ WCIRANSISEC _ B\29SNOV.L 1R <br />