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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <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.u5 <br /> <br />STATE OF COLORADO <br /> <br />Q <br /> <br />Bill Owens <br />Governor <br /> <br />December 12,2001 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />eweB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Mr. Rex A. Bums, P .E. <br />Larimer County Engineering Department <br />P.O. Box 1190 <br />Fort Collins, Colorado 80522-1190 <br /> <br />RE: Dry Creek Flood Mitigation Project <br />Loan Recommendation <br /> <br />Dear Rex, <br /> <br />I am pleased to inform you that the Colorado Water Conservation Board (CWCB) has <br />recommended your loan to the General Assembly for approval. Your loan request will be included <br />in the Board's year 2002 Water Project Construction Bill. Loan funds will be authorized in spring <br />2002, once the Governor has signed the bill. I understand the loan will be used to construct the Dry <br />Creek Flood Mitigation project and related facilities. <br /> <br />The Board approved a loan from the Severance Tax Trust Fund Perpetual Base Account in a <br />maximum amount of$ll million. The loan terms are 3.75% for 30 years. I have attached a copy of <br />the updated Board memo concerning the Larimer County project. Please refer to page 5 of that <br />memo and to the section "Action taken by the CWCB November 20, 2001." <br /> <br />When the Board approves a loan there remain several conditions: <br /> <br />a) A Feasibility Study is required. Tom Browning and I have reviewed the study titled "Feasibility <br />Study for the Dry Creek Basin Flood Control Project" prepared for Larimer County by ECI, <br />Inc. The report meets the requirements of the CWCB Construction Fund Guidelines for <br />feasibility studies. <br /> <br />b) An approved contract must be in place before funds can be advanced. J an lllian has placed this <br />project on our ''hot list" and will initiate the loan contracting process with a goal of having a <br />signed contract in place by early summer 2002. Once the contract is finalized the County may <br />request loan funds to cover eligible project expenditures. <br /> <br />Flood Protection · Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />