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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)866-4474 <br />www.cwcb.state.co.us <br />TO: Colorado Water Conservation Board Members <br />FROM: Kirk Russell, PE, Desi Construction Manageri�� <br />Tim Feehan, PE, Chief <br />Finance Section <br />DATE: March 4, 2011 (UPDATED March 16, 2011) <br />John W. Hickenlooper <br />Govemor <br />Mike King <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />SUBJECT: Consent Agenda Item 2a, March 15-16, 2011 Board Meeting <br />Finance Section — Change to Existing Loan <br />Farmers Pawnee Canal Company — Ditch Flow Control Structures Project <br />Introduction <br />The Farmers Pawnee Canal Company (Company) received approval of a loan for its Ditch Flow <br />Control Structures Project (Project) in September 2008. The Project involves installation of new <br />radial gates to help the Company more efficiently divert water at its river diversion and through its <br />ditch. The Company is requesting a loan increase to assist in the additional cost of adding hydraulic <br />operators to the Project. The new total cost of construction is estimated to be $281,000 which is a <br />13% increase over the original project cost. See attached Project Data Sheet for a location map and <br />a project summary. <br />At the May 2005 Board Meeting, the Board authorized staff to present increases to existing loans <br />less than 20% of the original loan as Consent Agenda Items. This request is for an increase of 13% <br />over the original loan authorization. <br />Staff Recommendation (Board Approved the Recommendation on March 15, 2011) <br />Staff recommends that the Board approve an increase of $28,280 ($28,000 for project costs and <br />$280 for the 1% Loan Service Fee) to the Farmers Pawnee Canal Company from the Severance Tax <br />Trust Fund Perpetual Base Account. The Company's amended total loan amount will be $255,530 <br />($253,000 for project costs and $2,530 for the 1% Loan Service Fee) for engineering and <br />construction costs related to the Ditch Flow Control Structures Project. The loan terms shall remain <br />30 years at an agricultural rate of 2.5% per annum. Security for the loan shall be in compliance with <br />CWCB Financial Policy #5. <br />Interstate & Federal • Wxtershed & Flood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservatlon & Drought Planning • Water Supply Planning <br />