20 ‎(3)‎

• Board Meeting Date: 3/18/2008
• Description: CF Section - Changes to Existing Loans - Pinewood Springs Water District - System Rehabilitation Project
• Board Meetings - Doc Type: Memo

STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]
www.cwcbstataco.us
TO: Colorado Water Conservation Board Members
FROM: Tim Feehan, P.E., Project Manager
Mike Serlet, P.E., Chief
Water Supply Planning and Finance Section
DATE: March 11, 2008
SUBJECT: Agenda Item No. 20, Plarch 18-19, 2008, Board Meeting
Water Supply, Planning and Finance -Changes to Existing Loans
Pinewood Springs Water District -System Rehabilitation Project
Bill P.itter Jr.
Governor
Harris D. Sherman
DNR Executiee
Director
Jetuuier L. Gimbel
CWCB Director
Dan McAullife
CWCB Deputy
Director
Introduction
At the July 2004 board meeting, the Colorado Water Consen~ation Board (CWCB) approved a loan to the
Pinewood Springs Water District (District) in the amount of $2,033,850 from the Severance Tax Trust Fund
Perpetual Base Account. The $2,033,850 loan was for the construction of a new 50 acre-foot resen~oir,
5,300 feet of 4 to 6-inch HDPE distribution and fill pipeline, diversion structure and pump house, and the
purchase of CBT water shares.
The District is requesting an increase of $750,000 to the District's 2004 authorization of $2,033,850.
The requested loan increase is due to cost overruns associated with design and construction of Crow
Lane Dam and the diversion structure and pump house.
Staff Recommendation
Staff recommends that the Board approve an increase of $757,500 ($750,000 for project costs and
$7,500 for the 1% loan origination fee) to the Pinewood Springs Water District, from the Severance Tax
Trust Fund Perpetual Base Account, at their current interest rate of 4.0% for 30-years. The District's
total amended loan amount will be $2,811,689 ($2,783,850 for project costs and $27,839 for the 1%
Loan Service Fee) to construct a new storage reservoir, pump station and raw water pipeline, raw water
infiltration gallery modifications, and to purchase additional water rights. Security for the loan shall be
collateral in compliance with CWCB Loan Policy No. 5.
Flood Protection • Water Supple Planning and Finance • Stream and Lake Protection
Water Supple Protection • Conservation and Drought Plaiuung