Laserfiche WebLink
<br />, ,. <br /> <br />J C<.-t/l -C, <br /> <br />~. <br />, . <br /> <br />STATE OF COLORADO <br /> <br />Q <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br />February 23, 2001 <br /> <br />Mr. John Porter <br />General Manager <br />Dolores Water Conservancy District <br />PO Box 1150 <br />Cortez, Colorado 81321 <br /> <br />Re: WETP ACK Irrigation Project Loan <br /> <br />Dear Mr. Porter: <br /> <br />I am pleased to inform you that, at the November 20, 2000 meeting of the Colorado <br />Water Conservation Board, the Board recommended a Construction Fund loan of up to <br />$7,260,000, not to exceed 90 percent of actual project costs, to the Dolores Water <br />Conservancy District and the Dolores Water Conservancy District Water Activity <br />Enterprise for the irrigation component of the WETP ACK Project. The term of the loan is <br />for 30 years and the approved lending rate is 3.50 percent. <br /> <br />The Board's action on the $7,260,000 loan request will be included in the year 2001 <br />CWCB Water Projects Bill and is subject to authorization by the General Assembly. If <br />authorized by the General Assembly, the loan funds should be available in June of 2001. <br /> <br />As security for the loan, it is expected that the District's Water Activity Enterprise will <br />establish a guaranteed annuity to meet the terms described in Condition 1, below. It is <br />expected that the annuity will be an independent account in the District's Water Activity <br />Enterprise and will be established in favor of the Colorado Water Conservation Board. <br /> <br />The Board's recommendation for funding is conditioned upon the following: <br /> <br />1. The District will provide CWCB staff with all requested documentation to <br />allow the staff to make a determination that a guaranteed annuity will be <br />established by the District in an amount sufficient to: (a) pay all of the <br />District's costs (not paid as of the date of the annuity) associated with the <br />project and (b) provide adequate funds for annual payments on the CWCB <br />loan for the entire period of debt retirement. <br /> <br />Flood Protection · Water Project Planning and Financing. Stream and lake Protection <br />Water Supply Protection. Conservation Planning <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E, Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />eweB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />