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<br />ST A TE 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) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br />.' ~~)::~>(~f~ ~.. <br />\,~/ <br />"';~76/ <br /> <br />MEMORANDUM <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />FROM: <br /> <br />J an Illian, Contract Manager <br />Mike Serlet, P.E., Chief, <br />Water Supply Planning and Finance Section <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />DATE: <br /> <br />July 18, 2003 <br /> <br />SUBJECT: <br /> <br />Consent Agenda Item 2b - July 28-29, 2003, Board Meeting <br />Water Supply Planning and Finance Section - Changes to Existing Loans- <br />Upper Platte and Beaver Canal Company - Collateral Change <br /> <br />Introduction <br /> <br />At the May 2003 meeting, the Board approved a loan to the Upper Platte and Beaver Canal <br />Company in the amount of $68,175 for construction of a water recharge project and the proposed <br />collateral for the loan was the project. <br /> <br />Discussion <br /> <br />During the contracting process, it was determined that the water recharge project which <br />consists of two recharge ponds, and four measuring weirs as well as pipeline and measuring devices <br />would be located on private property and made available to the borrower through several lease <br />agreements. Taking a security interest in the improvements and leasehold estates, in the event of <br />default, would leave the CWCB exposed to additional liability, such as being obligated to make annual <br />leasehold payments to the property owners and returning the sites to their original condition when the <br />project was eventually abandoned. The staff determined that collateral consisting of the Borrower's <br />diversion structure on the South Platte River would be adequate and is in compliance with CWCB <br />Loan Policy # 5 (Collateral), and requests the Board's approval for change of collateral. <br /> <br />Recommendation <br /> <br />Staff recommends the Board amend its approval of this loan to reflect the collateral for this <br />loan is the Borrower's diversion structure located on the South Platte River. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />