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PROJ02225
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Last modified
11/19/2009 11:43:45 AM
Creation date
4/8/2008 12:23:04 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150058A
Contractor Name
Dolores Water Conservancy District
Contract Type
Loan
Water District
71
County
Dolores
Bill Number
SB 01-157
Loan Projects - Doc Type
Approval Letter
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<br />" <br /> <br />STATE OF COLORADO <br /> <br />"'., <br /> <br />i <br />.,i. <br />'t, <br /> <br />Colorado Water Conservation Board <br /> <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 />www.cwcb.state.co.us <br /> <br /> <br />MEMORANDUM <br />(Updated February 9, 2005) <br /> <br />Bill OWens <br />Governor <br /> <br />FROM: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Bruce Johnson, P.E. Q:>.I' <br />Mike Serlet, P.E., Chief <br />Water Supply Planning and F nee Section <br /> <br />Russell George <br />Executive Director <br /> <br />TO: <br /> <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliHe <br />Deputy Director <br /> <br />DATE: <br /> <br />January 14, 2005 . <br /> <br />SUBJECT: Agenda Item 20a, January 25-26, 2005 Board Meeting <br />Water Supply Planning and Finance Section - New Loans <br />Dolores Water Conservancy District - WETPACK II <br /> <br />Introduction <br /> <br />The Dolores. Water Conservancy District, acting by and through the Dolores Water Conservancy <br />District Water Activity Enterprise (DWCD), is applying for a $3,323,180 loan from the Severance Tax <br />Trust Fund Perpetual Base Account to construct pumping plant ,and pipeline facilities to provide water <br />to irrigate approximately 2200 acres, as part of the WETPACK project (Water for Everyone Tomorrow <br />Package.) The estimated total cost of the project is $3,692,000. S~e attached Project Data Sheet. <br /> <br />The new loan would replace the unused remaining amount on the existing $5,461,200 (3.5%, 30-year) <br />loan contract approved in 2002. This loan is secured by an established annuity with MBIA, Inc. that will <br />provide $296,333 per year for loan repayment beginning in 2008. . To date the DWCD has drawn <br />$2,052,900 for water purchases, and anticipates an additional draw of $477,100 for the Sandstone <br />West Project, for a total of $2,530,000. This would leave $2,931,200 remaining on the existing loan. <br />Because of cost increases and drought-related delays, as well as DWCD's continued desire to <br />maximize the project's' irrigated acreage, they are requesting a new loan of $3,323,180 (an increase of <br />$391,980 over the remaining loan amount), at the current interest rate of 2.5% for 30 years. The new <br />loan 'interest rate would allow both loans to continue to be secured and repaid by the existing annuity. <br />The existing loan would be closed out at $2,530,000. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning . <br /> <br /> <br />Backaround <br /> <br />The Dolores Project (Project) in southwestern Colorado is a multiple purpose water resource project <br />constructed by the U.S. Bureau of Reclamation (USBR) and operated by the Dolores Water <br />Conservancy District. The pri~ary facility of the Project is McPhee Reservoir which'stores flows of <br />the Dolores River for use by Project water users. Project construction has been completed and <br />McPhee Reservoir has been fully allocated to specific uses and lands through contractual <br />arrangements. The Project, however, is not able to meet all of the water demands of project <br />beneficiaries from McPhee Reservoir. The Project delivers approximately 130,000 acre-feet (AF) <br />
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