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STATE OF COLORADO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Knom 721 Donver, Calorada R02U3 Phone: t303) 866-3441 FAX: (303) t3G6-4474 www.cwcb.siate.co.us TO: Colorado Water Co ~on Board Members FROM: Tim Feehan, P. . Mike Serlet, . ., ' f`,~,,,f Water Supply Planning an Finance Section Bill Ritter Jr. Govemor Harris D. Sherman ptvx ~~,av~ ~~r~~o~ Jennifer L. Gimbel CWCB Director Dan McAuliffe DATE: November 10, 2008 cwcs ~p-,ty Uirectnr SUBJECT: Agenda Item 25e - November 1&19, 2008 Board Meeting Water Supply Planning and Finance Section - Changes to Existing Loans Silt Water Conservancy District - De-author. of Pump Plant Transformer Introduction In September 1999, the Board adopted Board Policy #1, Construction Fund and Severance Tax Trust Fund Perpetual Base Account Project Time Limits, which policy provides the follow~ng direction: The Colorado Water Conservation Board (CWCB) shall review the status of all Construction Fund and Severance Tax Trust Fund Perpetual Base Account loan projects that do not have a fully executed CWCB funding contract within three years of the project's legislative authorization. These projects may be recommended for inclusion in the list of Project Loan De-~uthorizations in the next annual Gonstruction Fund Bill unless the Board specifically approves a time extension. 1fie Policy further outlines the basis for staff recommendations: l. lf the Pro}ect Sponsors have not shown diligence toward execution of a funding contract within three years of their authorizing legislation, the staff will recommend to the Board that the project be included in the Project I.oan De-Authorization recommendation to the Legislature. 2. If the Project Sponsors have progressed towards execution of a project funding contract, but the progress has been delayed due to extenuating cireumstances, the staff may reconunend that the Board extend the project time limit for one year. The staff witl continue to review the project o^ an annual basis untit a CWCB funding contract is fully executed or the Board has recommended de-authorization to the Legislature. Recommendation Staff recommends the Board approve the de-authorization of the Silt VVater Conservancy District - Pump Plant Transformer Project L-oan, C15U135, in the amount of ~490,860.