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C150150 Approval Letter
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C150150 Approval Letter
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Last modified
3/27/2014 11:06:58 AM
Creation date
3/26/2007 10:18:33 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150150
Contractor Name
Lower Arkansas Water Management Association
Contract Type
Loan
Water District
67
County
Bent
Loan Projects - Doc Type
Approval Letter
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<br />ST ATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone:(303)866~1 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />MEMORANDUM <br />(Updated August 4, 2003) <br /> <br />Bill Owens <br />Governor <br /> <br />FROM: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Bruce Johnson, P.E. ~.-?u~~/ r <br />Mike Serlet, P.E., Chief '7fi, 7J <br />Water Supply Planning and inance Section <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />TO: <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />DATE: <br /> <br />July 18, 2003 <br /> <br />SUBJECT: Agenda Item 21 b, July 28-29 Board Meeting <br />Water Supply Planning and Finance Section - New Loans <br />Lower Arkansas Water Management Association-Water Rights <br />Purchase <br /> <br />(Note: Revisions to the July 18, 2003 loan memo are shown in Italics) <br /> <br />Introduction <br /> <br />The Lower Arkansas Water Management Association (LAWMA), is seeking a new loan for <br />$2,250,000 for the purchase of % of the Keesee Ditch water rights (Keesee water rights), for use as <br />a. replacement water source to offset depletions from well pumping. The total cost of the project is <br />$2,315,000. <br /> <br />LAWMA has the opportunity to purchase the Keesee water rights, a very senior water right, that will <br />strengthen the reliability of their water rights portfolio. LAWMA is seeking a CWCS loan for the full <br />purchase price of the Keesee water rights, due to extenuating financial circumstances. Over the <br />past two years LAWMA has spent approximately $303,885 for engineering and legal expenses <br />related to the, Kansas v. Colorado lawsuit and trial, necessitating requests for $259,832 in loan <br />deferrals for 3 existing CWCS loans. In addition, LAWMA proposes to close out the current loan, <br />No. C153768, and pay the accrued interest (currently $234,473) to CWCS. Given LAWMA's ne~d <br />to purchase this important and unique source of additional. replacement water and LAWMA's lack of <br />cash-flow as described above, LAWMA is requesting that the CWCS make an exception to the <br />general policy expressed in Loan Policy No. 11 and agree to lend LAWMA 97% of the total project <br />cost, or $2,250,000 for the purchase. Obtaining this level of financing is critical because otherwise <br />LAWMA's purchase of one-half of the Keesee water rights will become economically impossible. <br />LAWMA would have to come up with approximately $465,973 in cash ($234,473 in accrued interest <br />plus $231,500 for its 10% of the project cost), and LAWMA simply does not have the cash flow to <br />proceed with the acquisition on that basis. LAWMA has put together a comprehensive financial <br />program to repay all of the CWCS loans, including a program of share assessment increases that <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />
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