Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />STATE 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 /> <br />July 31,2006 <br /> <br />Bill Owens <br />Governor <br /> <br />Walter Welton, President <br />Consolidated Mutual Water Company <br />12700 W. 27th Avenue <br />Lakewood, CO 80215 <br /> <br />Russell George <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />RE: Loan Payment Deferral Request (Contract C150011) <br /> <br />Dear Mr. Welton: <br /> <br />I am pleased to inform you that on July 25,2006, the Colorado Water Conservation Board (CWCB) <br />approved your request to defer the next five years of annual loan payments. This approval was based <br />on the CWCB' s findings of a financial hardship resulting from the high costs required to upgrade the <br />Maple Grove Water Treatment Plant. <br /> <br />The Board's approval authorizes staffto amend Loan Contract No. C150011. The amended contract <br />will establish a new loan repayment schedule. The schedule will be based on a new amortization <br />schedule. The changes to the amortization schedule will include a 0.25% increase in interest rate <br />charged and will allow the Company to make five annual interest-only payments for years 2007 through <br />2011. The Company shall resume annual repayment of principal and interest in 2012. The collateral for <br />the loan shall remain unchanged. <br /> <br />I have attached a copy of the updated Board memo that includes a section "Action taken by the CWCB <br />on July 25, 2006. <br /> <br />With the Board's approval of this deferral there remains several conditions: <br /> <br />a) CWCB Financial Policy #16 requires a $1,000 fee in order to amend this loan contract. <br />Upon receipt of the fee, staff shall begin the amendment process. Please contact Steve <br />Biondo (303.866.3495) for assistance. <br /> <br />b) It is our understanding that the Company will need to borrow additional money from a <br />local bank to complete the treatment plant upgrades. If any questions arise regarding <br />CWCB's loan collateral, please contact Vaughn McWilliams (303.866.3462) for <br />assistance. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />