Laserfiche WebLink
STATE OF COLORADO <br />Colorado Water Conservation Board <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 />(Revised) <br />TO: Colorado Water Conservation Board s <br />FROM: Tim Feehan, P.E., Project Man�r � • <br />Mike Serlet, P.E., Chief � <br />Water Supply Pla.nning an Finance ion <br />DATE: November 5, 2008 <br />Bill Ritter Jr. <br />Governor <br />Harris D. Sherman <br />DNR Executive <br />��tor <br />Jeruufer L. Gimbel <br />CWCB Director <br />Dan McAuliffe <br />CWCB Deputy <br />D'uector <br />SUBJECT: Agenda Item 25c, November 18-19, 2008 Board Meeting <br />Water Supply Planning and Finance Section — Changes to Existing Loans <br />Bijou Irrigation District — Empire Res. East Embankment Dam Repair <br />Introduction <br />At the January 2008 board meeting, the Colorado Water Conservation Board (CWCB) approved a <br />loan to the Bijou Irrigation District in the amount of $2,408,850 from the Severance Tax Trust Fund <br />Perpetual Base Account. T'he $2,408,850 loan was for the repair of the reservoirs East Dam <br />concrete parapet wall, the regrading and compaction of the East Dam embankment, rip rap slope <br />protection throughout, and vegetation removal. <br />The District is requesting an increase of $2,045,250 to the District's 2008 authorization of <br />$2,408,850. The requested loan increase is due to changes in project scope, to include the temporary <br />placement of embankment material along the East Dam, the replacement of 1,250 feet of concrete <br />parapet wall versus repair, higher equipment, fuel and material costs, and increased design, testing, <br />and inspection costs. <br />Staff Recommendation <br />Staff recommends that the Board approve an increase of $2,045,250 ($2,025,000 for project <br />costs and $20,250 for the 1% loan service fee) to the Bijou Irrigation District, from the <br />Severance Tax Trust Fund Perpetual Base Account, at their current interest rate of 2.25% for 30 <br />years. The District's total amended loan amount will be $4,454,100($4,410,000 for project costs <br />and $44,100 for the 1% loan service fee) for the repair of Empire Reservoir's East Dam <br />embankment. Security for the loan shall be collateral in compliance with CWCB Loan Policy <br />No. 5. <br />