PROJC01797 ‎(2)‎

• Contract/PO #: C150265
• Contractor Name: Supply Irrigating Ditch Company
• Contract Type: Loan
• Water District: 0
• County: Boulder
• Loan Projects - Doc Type: Approval Letter

Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: (303) 866�474
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FROM:
DATE:
STATE OF COLORADO
Colorado Water Conservation Board Members
Tim Feehan, P.E., Project Manager
Water Supply Planning and Finance Section
November 10, 2009 (Updated December 1, 2009)
Bill Ritter Jr.
Governor
Harris D. Sherman
DNR Executive
Director
Jennifer L. Gimbel
CWCB Director
Dan McAuliffe
CWCB Deputy
Director
SUBJECT: Agenda Item 27b, November 16-18, 2009 Board Meeting
Water Supply Planning and Finance Section — Changes to Existing Loans
Supply Irrigating Ditch Co. — Knouth Reservoir Dam Rehabilitation
Introduction
At the March 2008 board meeting, the Colorado Water Conservation Board (CWCB) approved a
loan to the Supply Irrigating Ditch Company (Company) in the amount of $904,960 from the
Severance Tax Trust Fund Perpetual Base Account. The loan was for the rehabilitation of Knouth
Reservoir.
The Company is requesting an increase of $610,040 to the Company's 2008 authorization of
$904,960. The requested loan increase is due to higher than anticipated engineering and
construction costs.
Staff Recommendation
Staff recommends that the Board approve an increase of $610,040 ($604,000 for project costs
and $6,040 for a 1% Loan Service Fee) to the Company from the Severance Tax Trust Fund
Perpetual Base Account, at its current interest rate of 2.6% for 30 years. The Company's total
amended loan amount will be $1,515,000 ($1,500,000 for project costs and $15,000 for a 1%
Loan Service Fee) for the rehabilitation of the Knouth Reservoir. Security for the loan shall be
collateral in compliance with CWCB Financial Policy No. 5.
See further staff recommendations on Page 5.