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<br />. <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br /> <br />STATE OF COLORADO <br /> <br />. <br /> <br />\". <br /> <br />Bill Owens <br />Governor <br /> <br />MEMORANDUM <br /> <br />Greg E. Walcher <br />Executive Director, DNR <br /> <br />Peter H. Evans <br />Acting Director, CWCB <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />FROM: <br /> <br />Bill Stanton, Chief, Project Planning & Construction Section <br />Larry Lang, Chief, Flood Control & Floodplain Management Section <br />Bill Green, Manager of Planning <br /> <br />DATE: <br /> <br />January 21,1999 <br /> <br />SUBJECT: Agenda Item 12c, January 27-28, 1999, Board Meeting -- <br />City of Sterling - Pawnee Creek Flood Control Project <br />Change in an Existing Loan from the <br />Project Construction Loan Program <br /> <br />INTRODUCTION <br />In staffs November 16, 1998 Memorandum to the Board the details for the City of Sterling <br />Construction Fund application was presented. The City of Sterling (City) requests an increase to <br />their 1998 CWCB Construction Loan Approval amount. With the passage of House Bill 98-1189, <br />the City of Sterling received authorization and funding in the amount of $550,000 for the Pawnee <br />Creek Flood Control Project (project). To complete the project funding package, the City is <br />applying for an additional $700,000 in funding to assist with the construction of the Pawnee Creek <br />Flood Control Project. <br /> <br />BACKGROUND <br />Presentations by CWCB and City staff regarding this project were made at the November 24,1998 <br />CWCB meeting. The presentations at the November 1998 Board meeting provided a status and <br />update report to the Board members regarding the project. At the November 1998 meeting two <br />concerns were express regarding certain fmancing responsibilities regarding the City's application. <br />These two concerns are: <br /> <br />1) The Board requested a legal review by the Attorney General's Office regarding the City's <br />procedure for compliance with the provisions of the Tabor Amendment. <br /> <br />2) The Board requested that a fund be established by the City to repay the Board's loan and the <br />fund shall have an additional two-year annual payment which will act as the loan collateral. <br />