Consent_2a ‎(2)‎

• Board Meeting Date: 7/22/2008
• Description: CF Section - Changes to Existing Loans - Granby Ditch and Reservoir Company - Granby #12 Dam Rehabilitation Project
• Board Meetings - Doc Type: Memo

Granby Ditch and Reservoir Company Consent Agenda Item 2a
July 15, 2008
Page 2 of 2
contract condition. The CWCB standard cont ract requires a rate covenant to increa se assessments as
necessary, not immediat e rate increases.
In order to raise assessments prior to contracting, the Company would need to hold a special election.
Such an election would add additional expense to the Project. The Project is currently in the design
phase and is expected to be constructed between June and October of 2009. Given this schedule, it is
anticipated loan repayment would begin in October of 2010. The Company wo uld prefer to postpone
raising assessments until it is in the repayment.