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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Shertnan Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />Fax:(303)866-4474 <br />www.cwcb. state.co.us <br />TO: Colorado Water Conservation Board Members <br />FROM: Anna Mauss, P.E. ~~,/~'l~ <br />Mike Serlet, P.E., Chief <br />Water Supply Planning and Finance Section <br />DATE: May 12, 2009 (UPDATED May 22, 2009) <br />Bill Ritter,lr. <br />Governor <br />Harris D. Sherman <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />Dan McAuliffe <br />CWCB Deputy Director <br />SUBJECT: Agenda Item 17d, May 19-20, 2009 Board Meeting <br />Water Supply Planning and Finance Section - New Project Loans <br />North Sterling Irrigation District - Dam and Spillway Improvement Project <br />Introduction <br />The North Sterling Irrigation District (District) is applying for a$1,084,000 loan from the CWCB to <br />construct its Dam and Spillway Improvement Project (Project). This Project involves enlarging the <br />existing spillway, raising the dam crest, and installing a seepage collection system at North Sterling <br />Reservoir (Reservoir). This Project will enable the continued use of the Reservoir water for <br />irrigation within the District. The estimated total cost of the project is $1,244,450. See the attached <br />Project Data Sheet for a location map and project summary. <br />Staff Recommendation (Board approved staff recommendation on May 19, 2009) <br />Staff recommends the Board approve a loan not to exceed $1,094,840 ($1,084,000 for Project <br />costs and $10,840 for the 1% Loan Service Fee) to the North Sterling Irrigation District to <br />construct its Dam and Spillway Improvement Project from the Construction Fund. The loan <br />terms shall be 24 years at the agricultural interest rate of 2.25% per annum. Security for the loan <br />shall be in compliance with CWCB Financial Policy #5. <br />Staff further recommends an additional approval condition requiring the District to hold an <br />election to obtain voter approval of the debt service prior to contracting with the CWCB. <br />Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Finance <br />Water Conservation & Drought Planning • Intrastate Water Management & Development <br />