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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />Fax: (303) 866474 <br />www.cwcb.state.co.us <br /> Bill Ritter, Jr. <br /> Governor <br />TO: Colorado Water Conservation Board Members <br /> Harris D. Sherman <br /> <br />FROM: <br />Anna Mauss, PE GG~~ DNR Executive Director <br /> <br />Jennifer L. Gimbel <br /> Mike Serlet PE Chief <br />> > CWCB Director <br /> Water Supply Planning & Finance Section <br /> Dan McAuliffe <br /> CWCB Deputy Director <br />DATE: September 9, 2008 (Updated September 19, 2008) <br />SUBJECT: Agenda Item 23c, September 16-17, 2008 Board Meeting <br /> Water Supply Planning and Finance Section -New Project Loans <br /> WRCC, Inc. -Windsor Dam and Spillway Maintenance Project <br />Introduction <br />WRCC, Inc. (Company) has requested a loan for 90% of the cost of its Big Windsor Dam and <br />Spillway Maintenance Project (Project). The Project involves dam crest maintenance, elimination of <br />an abandoned spillway, and spillway extension construction at Big Windsor Reservoir with an <br />estimated cost of $1,413,000. See attached Project Data Sheet for a location map and a project <br />summary. <br />Staff Recommendation (Board approved Staff recommendation September 17, 2008) <br />Staff recommends the Board approve a loan not to exceed $1,285,730 ($1,273,000 for project costs <br />and $12,730 for the 1% Loan Service Fee) to WRCC, Inc. for the Windsor Dam and Spillway <br />Maintenance Project from the Severance Tax Trust Fund Perpetual Base Account. The terms of the <br />loan shall be a 30-year loan at a blended rate of 2.55% per annum. Security for the loan shall be in <br />compliance with CWCB Financial Policy #5. <br />Staff further recommends an additional contract condition requiring full payment of the Farmers <br />Bank bridge loan with proceeds from the CWCB funds. <br />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water Conservation & Drought Planning • Intrastate Water Management & Development <br />