23a

• Board Meeting Date: 9/17/2008
• Description: CF Section - New Project Loans - Ogilvy Augmentation Company - Well Augmentation Project
• Board Meetings - Doc Type: Memo

STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
Fax: [phone]
www.cwcb.state.co.us
Bill Ritter, Jr.
Governor
TO: Colorado Water Conservation Board Members
Harris D. Sherman
DNR Executive Director
FROM: Anna Mauss, PE
Jennifer L. Gimbel
Mike Serlet, PE, Chief
CWCB Director
Water Supply Planning & Finance Section
Dan McAuliffe
CWCB Deputy Director
DATE: September 9, 2008
Agenda Item 23a, September 16-17, 2008 Board Meeting
SUBJECT:
Water Supply Planning and Finance Section – New Project Loans
Ogilvy Augmentation Compan y - Well Augmentation Project
Introduction
The Ogilvy Augmentation Compan y (Augmentation Company) has re quested a loan for its Well
Augmentation Project (Project). The Project includes acquisition of water rights, development of a
recharge reservoir, construction of a new storage reservoir, and me asurement/monitoring devices. The
purpose of this Project is to augment South Platte Ri ver depletions for 17 irrigation wells. See attached
Project Data Sheet for a locat ion map and a project summary.
Staff Recommendation
Staff recommends the Board approve a loan not to exceed $1,010,808 ($1,000,800 for project costs
and $10,008 for the 1% Loan Service Fee) to the Ogilvy Augmentation Company for the Well
Augmentation Project from the Severance Tax Tr ust Fund Perpetual Base Account. The terms of
the loan shall be a 30-year loan at 2.5% per annum. Security for the loan shall be in compliance
with CWCB Financial Policy #5 (Collateral).
Staff further recommends addi tional contract provisions:
1) Revise the Debt Service Reserve Fund Provision to require two annual loan payments as
defined in the executed contract (one payment se t aside at the time of first draw of funds
and one third of an annual payment set aside at the time of each of th e first three annual
loan payments).
Water Supply Protection • Watershed Protection & Flood Mitigatio n • Stream & Lake Protection • Water Supply Planning & Finance
Water Conservation & Drought Planning • In trastate Water Management & Development