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<br />STP\.TE OF COI-JOf{ADO <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 /> <br /> <br />(Revised) <br />Memorandum <br /> <br />Bill Owens <br />Governor <br /> <br />Russell George <br />Executive Director <br /> <br />TO: <br /> <br />Colorado Water Conservation Boac[V1~mbers <br /> <br />Ti~ Feehan, P.E., Pr~ject.,~a~~0f ([~.. . <br />MIke Serlet, P.E., ChIef, . r4{.-J <br />Water Supply Planning antFflnance $ ction <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAullife <br />Deputy Director <br /> <br />FROM: <br /> <br />DATE: <br /> <br />September 1, 2006 <br /> <br />SUBJECT: <br /> <br />Agenda Item No. 6a, September 19-20, 2006, Board Meeting <br />Water Supply Planning and Finance - Revisions to Existing Loans <br />Logan Irrigation District - Prewitt Reservoir Emergency Spillway Project <br /> <br />INTRODUCTION ~/ 70;,r9/~J <br />The Logan Irrigation District (District) is requesting an increase of $ J...04,081 to their May 2006 <br />authorization of $306,419 for Prewitt Reservoir Emergency Spillway Construction Proj ect. The <br />requested loan increase is based on actual construction bids received from Contractors to <br />complete the work for the District. <br /> <br />BACKGROUND <br /> <br />The District will be the contracting agencies on behalf of the owners of Prewitt Reservoir, who <br />are as follows: <br /> <br />Logan Irrigation District (District) <br />Illiff Irrigation District (lID) <br />Morgan Prewitt Reservoir Company (MPRC) <br /> <br />17/31 Interest (54.8%) <br />8/31 Interest (25.8%) <br />6/31 Interest (19.4%) <br /> <br />Collectively, these three owners conduct business as the Prewitt Operating Committee, through a <br />Governance Contract executed in January 2006. There are seven individual members on the <br />Committee, three from District and two each from lID and MPRC. The agreement formalized <br />their historical relationship and business procedures, and addresses each entity's financial <br />responsibility with respect to the Prewitt Reservoir. Although the Governance Contract was <br />officially entered into this year, the three owners of the Prewitt have an excellent working <br />relationship and the Prewitt Reservoir has been operating this way for over 80 years. At a joint <br />meeting ofthe three Boards in March 2006, it was agreed that the District would be the sponsor <br />of the project and accept all financial responsibility for the purposes of this loan, while the lID, <br />and the MPRC agreed to be cooperating entities, providing a pro-rata share of the loan payment <br /> <br />1 <br />