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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 />vrww.cwcb.state.co.us <br />Bill Ritter, Jr. <br />Governor <br />TO: Colorado Water Conservation Board Members <br />Hams D. Sherman <br />~ /~~L DNR Executive Director <br />FROM: Kirk Russell, PE `fr" / <br />Mike Serlet, PE, Chief~Z~ Jennifer L. Gimbel <br />CWCB Director <br />Water Supply Planning & finance Section <br />Dan McAuliffe <br />DATE: November 10, 2008 (UPDATED NOVEMBER 20, 2008) CWCB Deputy Director <br />SUBJECT: Agenda Item 25a, November 18-19, 2008 Board Meeting <br />Water Supply Planning and Finance Section -Changes to Existing Loans <br />Southeastern Colorado Water Conservancy District -Arkansas Valley Conduit <br />Project <br />Introduction <br />The Southeastern Colorado Water Conservancy District (SECWCD), acting by and through its Water <br />Activity Enterprise, was approved fora $60,600,000 loan from the Severance Tax Trust Fund <br />Perpetual Base Account in November of 2006 and subsequently approved by legislature in Senate Bill <br />07-122. The loan provides financing for the local match for the design and construction of the <br />Arkansas Valley Conduit Project (Conduit). The Conduit is a 138 mile water supply pipeline extending <br />from Pueblo Reservoir to the City of Lamaz. The SECWCD is requesting a two year time extension <br />(See Attached Letter) on the conditional approval of the CWCB loan. The estimated total cost of the <br />project is $300,000,000. <br />Staff Recommendation (Board Approved on November 19, 2008) <br />Staff recommends approval of a request for a two year time extension on the conditional loan <br />approval of a $60,600,000 loan ($60,000,000 for project costs and $600,000 for the 1% Loan <br />Service Fee), to the Southeastern Colorado Water Conservancy District, acting by and through its <br />Water Activity Enterprise, from the Severance Tax Trust Fund Perpetual Base Account, to provide the <br />local cost share match for the design and construction of the Arkansas Valley Conduit Project. The <br />recommended loan terms remain unchanged at 30 years at an interest rate of 3.25% per annum. <br />Security for the loan remains unchanged and includes a pledge of Enterprise revenues, including <br />revenues received from the Arkansas Valley Conduit participants through Participant Funding <br />Agreements. <br />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Finsnce <br />Water Conservation & Drought Planning • Intrastate Water Management & Development <br />