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South Metro Water Supply Authority <br />Water Supply Pipeline Capacity Acquisition Project <br />March 20, 2009 <br />Page 2 of 2 <br />District, and the Town of Castle Rock) will be required to pay for the defaulting <br />party's commitment and that the payments due must be sufficient to enable the <br />Authority to meet the CWCB debt service requirements. This step up provision must <br />be signed by all participants in the Project. The terms of the step up provision shall <br />be as agreed upon by the CWCB and Authority prior to execution with participants. <br />4. To utilize construction funds in a timely manner, the Authority will have a two-year <br />time limit from CWCB approval to execute a funding contract with the CWCB. If a <br />contract is not executed within two years of Board approval, the Project will be <br />recommended for loan de-authorization unless the Board specifically approves a time <br />extension. <br />B) Contractin~: An approved contract must be in place before funds can be disbursed. Vaughn <br />McWilliams will initiate the loan contracting process for this project. When all of the contract <br />conditions are met and the contract is executed the District may request loan funds to cover <br />eligible project expenses. You can contact Vaughn at (303) 866-3441 x 3227 regarding the <br />requirements. <br />C) DesiQn/Construction: You must adhere to the CWCB Design and Construction Administration <br />Procedures. Tim Feehan will contact you regarding this phase of the process. Invoices will be <br />submitted to Tim, which will be the basis of pay estimates for disbursement of your loan funds. <br />You can contact Tim at his desk at (303) 866-3441 x 3211 or cell phone (303) 618-5010. <br />On behalf of the Board, I would like to thank you for your interest in a loan from the Colorado Water <br />Conservation Board. <br />Sincerely, <br />~',G r ~ ~ <br />Mike Serlet, P.E., Chief <br />Water Supply Planning and Finance Section <br />Colorado Water Conservation Board <br /> <br />Anna Mauss, P.E. <br />Water Supply Planning and Finance Section <br />Colorado Water Conservation Board <br />Attachment: Updated Board Memo <br />E-mail Copy (Including Attachments) <br />Bazbra Biggs, Board Member - City & County of Denver <br />Rick Brown, CDM <br />Susan Schneider, AGO <br />CWCB Finance Section Staff <br />