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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 />Bill Ritter, Jr. <br />Govemor <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />FROM: <br /> <br />Anna Mauss, PE <br />Mike Serlet, PE, Chief <br />Water Supply Planning <br /> <br /> <br />Harris D. Sherman <br />DNR Executive Director <br /> <br />(J <br /> <br />Jennifer L. Gimbel <br />CWCB Director <br /> <br />Dan McAuliffe <br />CWCB Deputy Director <br /> <br />DATE: <br /> <br />September 9,2008 (UPDATED September 19, 2008) <br /> <br />SUBJECT: <br /> <br />Agenda Item 23a, September 16-17, 2008 Board Meeting <br />Water Supply Planning and Finance Section - New Project Loans <br />Ogilvy Augmentation Company - Well Augmentation Project <br /> <br />Introduction <br /> <br />The Ogilvy Augmentation Company (Augmentation Company) has requested a loan for its Well <br />Augmentation Project (Project). The Project includes acquisition of water rights, development ofa <br />recharge reservoir, construction of a new storage reservoir, and measurement/monitoring devices. The <br />purpose of this Project is to augment South Platte River depletions for 17 irrigation wells. See attached <br />Project Data Sheet for a location map and a project summary. <br /> <br />Staff Recommendation (Board approved Staff recommendation on September 17,2008) <br /> <br />Staff recommends the Board approve a loan not to exceed $1,010,808 ($1,000,800 for project costs <br />and $10,008 for the 1 % Loan Service Fee) to the Ogilvy Augmentation Company for the Well <br />Augmentation Project from the Severance Tax Trust Fund Perpetual Base Account. The terms of <br />the loan shall be a 30-year loan at 2.5% per annum. Security for the loan shall be in compliance <br />with CWCB Financial Policy #5 (Collateral). <br /> <br />Staff further recommends additional contract provisions: <br /> <br />1) Revise the Debt Service Reserve Fund Provision to require two annual loan payments as <br />defined in the executed contract (one payment set aside at the time of first draw of funds <br />and one third of an annual payment set aside at the time of each of the first three annual <br />loan payments). <br /> <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 />