Laserfiche WebLink
sTAT� o� coLo��o <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building . <br />1313 Sherman Street <br />Denver, Coloredo 80203 <br />Phone: (303) 866-3441 <br />Fr1X: (303) 866-4474 <br />February 12, 1999 <br />Mr. Harold Kester, President <br />Ryan Gulch Reservoir Company <br />P.O. Box 299 <br />Loveland, Colorado 80539 <br />Re: Ryan Gulch Reservoir Project <br />Dear Mr. Kester: <br />�� <br />- - � ::: <br />-^ �L� <br />. <br />Bill Owens <br />Governor <br />Greg E. Walcher <br />Executive Director, DNR <br />Peter H. Evans <br />Acqng Dicsccor, CWCB <br />I am writing to confirm that at the January 27, 1999 meeting of the Colorado Water Conservation <br />Board, the Board recommended a Construction Fund loan of $317,500, not to exceed 75 percent <br />of actual project costs, to the Ryan Gulch Reservoir Company for the construction of a new <br />spillway on Ryan Gulch Dam. The term of the loan is for up to 30 years and the approved <br />lending rate is 4.25 percent. • <br />The Board's action on the $317,SOO loan request will be included in the 1999 CWCB legislation <br />(SB 99-173) and is subject to authorization by the General Assembly. If authorized by the <br />General Assembly, the proceeds for this loan should be available in mid-1999. <br />As security for the loan, it is expected that the Company will pledge revenues from assessments <br />as well as the dam and reservoir with about 900 acres of land owned by the Company. The <br />Board also required that, prior to the execution of a loan contract, the Company's shareholders <br />must approve the loan, the pledge of revenues and the conveyance of a security interest in Ryan <br />Gulch Reservoir by the Company to the CWCB. <br />Please coordinate with Jan Iilian of this office on all matters reiated to contracting. She will be <br />responsible for drafting and processing of contract documents. No funds may be disbursed until a <br />fully executed contract is in place. <br />Mike Serlet of this office will be responsible for reviewing the project plans and specifications <br />and for all matters related to proj ect construction including approvai of design and construction <br />payments. Please contact him before beginning design work on the project. <br />