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<br />STA TE OF COLORADO <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) 8664474 <br /> <br /> <br />(Revised) <br /> <br />Bill Ritter Jr. <br />Governor <br /> <br />TO: <br /> <br />Colorado Water Conservation Board <br /> <br /> <br />rs <br /> <br />Harris D. Sherman <br />DNR Executive <br />Director <br /> <br />FROM: <br /> <br />Tim Feehan, P.E., Project ~ger <br />Mike Serlet, P.E., Chief~ <br />Water Supply Planning an ~ce ection <br /> <br />DATE: <br /> <br />March 11, 2008 (Updated April 1, 2008) <br /> <br />Jennifer L. Gimbel <br />CWCB Director <br /> <br />Dan McAullife <br />CWCB Deputy <br />Director <br /> <br />SUBJECT: Consent Agenda, Item 3a, March 18-19, Board Meeting <br />Water Supply Planning and Finance - Changes to Existing Loans <br />Bijou Irrigation Company - Diversion Rehabilitation Project <br /> <br />Introduction <br /> <br />At the May, 2005 Board Meeting, the Board authorized staff to present revisions to existing <br />loans totaling less then 20% of the original loan as Consent Agenda Items. The Bijou Irrigation <br />Company loan increase presented below is less than 20%. <br /> <br />The Bijou Irrigation Company (Company) is requesting an increase of $45,450 to their <br />September 2007 authorization of $763,560 for the Diversion Structure Rehabilitation Project. <br />The requested loan increase is due to $45,000 in cost overruns for bladder gates, measurement <br />devices, and electrical and concrete work, as summarized on the attached letter. <br /> <br />Staff Recommendation <br /> <br />Staff recommends that the Board approve an increase of $45,450 ($45,000 for project costs and <br />$450 for the 1 % Loan Service Fee) from the Severance Tax Trust Fund Perpetual Base Account. <br />The Company's amended total loan amount will be $809,010 ($801,000 for the total project <br />costs and $8,090 for the 1 % loan origination fee) at the Company's current interest rate of2.25% <br />for 30-years. Security for the loan will be a pledge ofBijou Irrigation Company's annual <br />assessment tax revenues, in compliance with CWCB Financial Policy No.5. <br /> <br />1 <br />