C153808 Approval Letter 2 - Laserfiche WebLink

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... , . Colorado Water Conservation Board Department of Natural Resources 721 Centennial Building 131 3 Sherman Street Denver, Colorado 80203 Phone: (303) 866-3441 FAX: (303) 866-4474 STATE OF COLORADO 8 " Roy Romer Covernor MEMORANDUM J~mes S. Lochhe~d Executive Director, DNR D~ries C. Lile, PE. Director, CWCB TO: FROM: Colorado Water Conservation Board Members /72~' Bill Green, P.E. ~ Project Planning and Construction DATE: September 18,1997 SUBJECT: Addendum to Agenda Item 14.b., September 22-23,1997 Board Meeting - Water Project Construction Loan Program- Arkansas River Augmentation Loan Account- Arkansas Groundwater Users Association ~Augmentation Plan -- Background The first memorandum which was sent to the Board for this agenda item outlines AGUA's proposal to purchase 1,007 shares in the Excelsior Ditch for AGUA's augmentation program in the Arkansas River Basin. The proposed collateral for the loan, the 1,007 shares, is currently pledged as collateral on an existing loan to the Excelsior Irrigating Company. In November of last year, the Board approved a Small Project Loan from the Construction Fund of $1 00,000 to the Excelsior Irrigating Company for a portion of the cost of a rehabilitation and improvement program on the Company's ditch system. The Board also recommended an additional loan of $230,000, which was subsequently authorized in the 1997 Construction Fund bill, for the same project. The $100,000 Small Project Loan contract with the Company was executed in April of this year. As collateral, the Excelsior Irrigating Company pledged "an undivided 100 percent interest" in the following: 1. shares of stock in the Company owned by C.R. (Dick) Evans in two certificates for 1,007 shares and for 1,876 shares, e 2. all revenues which are obtained from the lease of augmentation water to the Arkansas Groundwater Users Association (AGUA) or any other lessee and, 3. the Excelsior Ditch diversion structure.