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<br />STATE 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) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />(Revised) <br /> <br />Bill Ritter Jr. <br />Governor <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Harris D. Sherman <br />DNR Executive <br />Director <br /> <br />FROM: <br /> <br /> <br />Jennifer L. Gimbel <br />CWCB Director <br /> <br />DATE: <br /> <br />March 11,2008 (Updated April 1, 2008) <br /> <br />Dan McAullife <br />CWCB Deputy <br />Director <br /> <br />SUBJECT: Agenda Item No. 20, March 18-19,2008, Board Meeting <br />Water Supply, Planning and Finance - Changes to Existing Loans <br />Pinewood Springs Water District - System Rehabilitation Project <br /> <br />Introduction <br /> <br />At the July 2004 board meeting, the Colorado Water Conservation Board (CWCB) approved a loan to the <br />Pinewood Springs Water District (District) in the amount of $2,033,850 from the Severance Tax Trust Fund <br />Perpetual Base Account. The $2,033,850 loan was for the construction of a new 50 acre-foot reservoir, <br />5,300 feet of 4 to 6-inch HDPE distribution and fill pipeline, diversion structure and pump house, and the <br />purchase of CBT water shares. <br /> <br />The District is requesting an increase of $750,000 to the District's 2004 authorization of $2,033,850. <br />The requested loan increase is due to cost overruns associated with design and construction of Crow <br />Lane Dam and the diversion structure and pump house. <br /> <br />Staff Recommendation <br /> <br />Staff recommends that the Board approve an increase of $757,500 ($750,000 for project costs and <br />$7,500 for the 1 % loan origination fee) to the Pinewood Springs Water District, from the Severance Tax <br />Trust Fund Perpetual Base Account, at their current interest rate of 4.0% for 30-years. The District's <br />total amended loan amount will be $2,8ll,689 ($2,783,850 for project costs and $27,839 for the 1 % <br />Loan Service Fee) to construct a new storage reservoir, pump station and raw water pipeline, raw water <br />infiltration gallery modifications, and to purchase additional water rights. Security for the loan shall be <br />collateral in compliance with CWCB Loan Policy No.5. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />