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<br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br /> <br />C-l '53 '+-7 '-I- <br />STA~E O:F CO'LC)Rl\DO <br />. <br /> <br />t'7f-~ <br /> <br />...- <br /> <br />October 31, 1997 <br /> <br />Roy Romer <br />Governol <br /> <br />Ms. Nancy Crawford <br />Town of Oak Creek <br />P.O. Box 128 <br />Oak Creek CO, 80467 <br /> <br />J~mes S. Lochhe~d <br />Executive Director, DNR <br /> <br />D~ries C. Lile, RE. <br />Director, CWCB <br /> <br />RE: Deauthorization of $300,000 Loan <br />(SB 87-15) <br /> <br />Dear Nancy, <br /> <br />I request a letter from you explaining the continued need for the above loan authorization obtained <br />by the Town 1987. I anl making this request for the following reasons: <br /> <br />1. The authorization is over 10 years old, and has not been utilized. <br /> <br />2. It is my understanding that the Town has no immediate plans to proceed with the project that <br />this authorization was originally intended to fund. <br /> <br />3. The interest rate on your authorization is 5%, while 1he current rate that would be available for <br />the Town of Oak Creek for a CWCB loan is just 4%. On a $300,000 loan amount, your <br />existing authorization would cost the Town an additional $65,000 in interest during the life of <br />the loan, over the cost of a new application and authorization at the lower 4% rate. <br /> <br />4. The CWCB has received a number of requests for loan authorizations in 1997, and there is a <br />need to move unused funds back into our general account. <br /> <br />It seems the best plan would be to have the existing loan deauthorized, and then to apply at a later <br />date, at the lower interest rate. If you agree, please sign and return the attached letter allowing us to <br />deauthorize your loan. The funds will be placed back in our general account, and will be made <br />available to others who wish to construct raw water proj~:cts in the State. <br /> <br /> <br />Jo 1 an Sciver, P.E. <br />Project Planning and Construction Section <br />Colorado Water Conservation Board <br /> <br />Attachment: Draft letter <br />cc: Bill Stanton <br />D:/OakCreek.Dltr <br />