C150240 Approval Letter - Laserfiche WebLink

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STATE OF COLORADO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Room 721 Denver, Colorado 80203 Phone: (303) 866-3441 FAX: (303) 866-4474 TO: Colorado Water Conservation Board M rs FROM: Tim Feehan, P.E., Project Manager Water Supply Planning and Finance ec 'on DATE: September 9, 2009 (Updated 9/23/09) Bill RitterJr. Govemor Harris D. Sherman DNR Executive ��ror Jennifer L. Gimbel CWCB Director Dan McAuliffe CWCB Deputy Director SUBJECT: Agenda Item 8a, September 15-16, 2009 Board Meeting Water Supply Planning and Finance Section — Revisions to Existing Loans Bull Creek Reservoir, Canal & Power Company — Reservoir No. 4 Rehabilitation & Enlargement Introduction At the January 2007 board meeting, the Colorado Water Conservation Board (CWCB) approved a loan to the Bull Creek Reservoir, Canal and Power Company (Company) in the amount of $1,212,000 (90% of project costs) from the Severance Tax Trust Fund Perpetual Base Account. The $1,212,000 loan was for the enlargement of Bull Creek Reservoir No. 4. The Company is requesting an increase of $244,218 to its 2007 approval. The requested loan increase is for additional costs associated with the dam embanlanent, outlet pipe, spillway, haul road, and remobilization. The request is for 90% of the increased costs. Staff Recommendation Staff recommends that the Board approve an increase of $244,218($241,800 for project costs and $2,418 for the 1% loan service fee) to the Bull Creek, Canal and Power Company, from the Severance Tax Trust Fund Perpetual Base Account, at its current interest rate of 2.5% for 30 years. The Company's total amended loan amount will be $1,456,218($1,441,800 for project costs and $14,418 for the 1% loan service fee) for the enlargement of Bull Creek Reservoir No. 4. Security for the loan shall remain in compliance with CWCB Financial Policy No. 5.