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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 />www.cwcb.state.co.us <br /> Bill Ritter, Jr. <br /> Govemor <br />TO: Colorado Vt~ater Conservation Board Members <br /> Harris D. Sherman <br /> <br />!~~ <br />P <br />E <br />A <br />M <br />FROM DNR Executive Director <br />auss, <br />. <br />. <br />nna <br />: <br />~~ Jennifer L. Gimbel <br />Mike Serlet P.E. Chief <br />> > ~ CWCB Director <br />Water Supply Planning and Finance Section <br /> Dan McAuiiffe <br /> CWCB Deputy Director <br />DATE: May 12, 2009 (UPDATED May 22, 2009) <br />SUBJECT: Agenda Item 17c, May 19-20, 2009 Board Meeting <br />Water Supply Planning and Finance Section - New Project Loans <br />Joseph W. Bowles Reservoir Company - Bowles No. 1 Dam Rehabilitation <br />Project <br />Introduction <br />The Joseph W. Bowles Reservoir Company (Company) is applying for a$1,687,000 loan from <br />the CWCB to construct its Bowles No. 1 Dam Rehabilitation Project (Project). The purpose of <br />this Project is to implement several repairs and improvements to correct dam-safety deficiencies <br />and improve the long-term performance of the Bowles No. 1 Dam so that the full storage <br />capacity of Bowles No. 1 Reservoir (Reservoir) is preserved. Additionally, the deteriorating <br />inlet ditch to the Reservoir will be rehabilitated to regain its full capacity. The estimated total <br />cost of the project is $1,874,000. See the attached Project Data Sheet for a location map and <br />project summary. <br />Staff Recommendation (Board approved staff recommendation on May 19, 2009) <br />Staff recommends the Board approve a loan not to exceed $1,703,870 ($1,687,000 for project <br />costs and $16,870 for the 1°/a Loan Service Fee) to the Joseph W. Bowles Reservoir Company to <br />construct its Bowles No. 1 Dam Rehabilitation Project from the Construction Fund. The loan <br />terms shall be 30 years at a blended interest rate of 4.65% per annum. Security for the loan shall <br />be in compliance with CWCB Financial Policy #5. <br />Water Supply Protection • Watershed Protection & Flood Alitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water Conservation & Drought Planning • Intrastate Water Management & Development <br />