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LPPD000390
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Last modified
11/19/2009 11:17:43 AM
Creation date
3/26/2007 10:34:54 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153715
Contractor Name
Lower Arkansas Water Management Association
Contract Type
Loan
Water District
67
County
Prowers
Bill Number
SB 96-124
Loan Projects - Doc Type
Approval Letter
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<br />.- ' <br /> <br />" tolorado Water Conse.tion Board <br />Department of Natural Resources <br /> <br />STAIjOF cotollABo <br /> <br />. <br /> <br />721 Sl3le Cet'tPnnrnl Bcilding <br />i313 ShemJ2Il Street <br />Denver. Colorado 80203 <br />Phane (303) 866-3441 <br />FAX (303) 866-4474 <br /> <br />MEMORANDUM <br /> <br />Roy Romer <br />Governor <br /> <br />.TO: <br /> <br />Chuck Lile <br /> <br />James S. LoclJhead <br />~eDiI=aor.DNR <br />Danes c.. Lile, P.E. <br />Direaor. CWCB <br /> <br />FROM: <br /> <br />v- <br />Bill Green and Jan Illian <br /> <br />r-;?rY-f <br /> <br />DATE: <br /> <br />June 7, 1996 <br /> <br />SUBJECT: LA WMA Request for Substitution of Collateral on Construction Fund Loan <br /> <br />INTRODUCTION <br /> <br />As reported at the May 14, 1996 Board meeting, LA WMA (the Lower Arkansas Water <br />Management Association) is requesting partial releases of the deeds of trust for the X- Y <br />Ranch Lands which were purchased with a Construction Fund loan earlier this year. The <br />reasons for the request are outlined in our memos to the Board of May 6 and May 13 of this <br />year. <br /> <br />LA WMA consummated the purchase of the X- Y Ranch lands and 66.0 cfs of X- Y Ditch <br />water in April 1996 with a Construction Fund loan of $3,007,640.00. As, collateral for the <br />loan, the CWCB has deeds of trust for the lands and for the water rights. The purposes of <br />this memo are to summarize the lands and water rights associated with the X- Y Ranch <br />purchase and to assess the CWCB' s collateral position if the partial releases of the deeds of <br />trust are approved. <br /> <br />The action taken by the Board at the May 14 meeting was to authorize the Director to resolve <br />any remaining questions on the release of the X- Y Ranch lands and to consummate the <br />transaction as soon as possible. The Board included in their action most of the conditions <br />outlined in our May 6 and May 13 memos, namely that the following be added by <br />amendment to LA WMA' s existing loan contract: <br /> <br />(1) All proceeds from the sale of the lands shall be placed in an interest-bearing <br />escrow account to serve as a portion of the collateral on LA WMA' s existing <br />Construction Fund loan. <br /> <br />(2) All interest earned in the escrow account shall be applied to the repayment of <br />LA WMA's existing Construction Fund loan. <br /> <br />(3) - If LA WMA has not used the monies in the escrow account to purchase <br />additional water rights for use in the Association's augmentation program (with <br />the approval of the Board) within three years from the last sale of the land or <br />
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