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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 />MEMORANDUM <br /> <br />Bill Owens <br />Governor <br /> <br />TO: <br />FROM: <br /> <br />DATE: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Bruce Johnson, P.E. ~ ~ . <br />Mike Serlet, P.E., Chief Iff <br />Water Suppl,y Planning and Finance Section <br /> <br />September 12, 2003 <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />SUBJECT: Consent Agenda Item 4a, September 22-24 Board Meeting <br />Water Supply Planning and Finance Section - Changes to Existing Loans <br />Excelsior Irrigating Company <br /> <br />Introduction <br /> <br />The Arkansas Groundwater Users Association (AGUA) is seeking a new CWCB loan for the <br />purchase of 785 shares of Excelsior Irrigating Company (EIC) for use as a replacement water source <br />to offset out-of-priority depletions from well pumping in the Arkansas River Basin. The proposed <br />collateral for the loan, the 785 shares of EIC, is currently pledged as partial collateral on two existing <br />CWCS loans to the EIC. EIC is requesting the CWCB to release the 785 shares as collateral from <br />its existing loans. <br /> <br />BackQround <br /> <br />Starting in 1996, with the help of two CWCB loans, EIC undertook a major ditch rehabilitation and <br />diversion structure replacement effort, as its ditch had fallen into disrepair under previous ownership. <br />Phase 1 work with a CWCB Small Project Loan for $100,000, was completed in 1997, and Phase 2 <br />work with a CWCB Construction Fund Loan for $251,125 was completed in 2001. The two existing <br />loans are summarized below: <br /> <br />Loan No. Date of Principal Terms Current Annual <br /> Contract Balance (1) Payment <br />C153748 4/15/97 $100,000 3.75% - 30 yrs $ 87,535.00 $5,608,76 <br />C153797 (2) 2/11/98 $251,125 3.771% -30yrs $241 ,646.41 $14,121.51 <br />Totals $351,125 $329,181.41 $19,730.27 <br /> <br />Flood Protection. Water Supply Planning and Finance . Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />