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STATE OF COLORADO Colorado Water Conservation Board Department of Natural Resources 1313 Sherman Street, Room 721 Denver, Colorado 80203 Phone: (303) 866-3441 FAX: (303) 866-4474 (Revised) TO: Colorado Water Conservation Board Memb rs FROM: Tim Feehan, P.E., Project Manager ' Mike Serlet, P.E., Chief Water Supply Planning and Finance S ion DATE: November 5, 2008 Bill Ritter jr. Governor Harris D. Sherman DNR Executive Director Jennifer L. Gimbel CWCB Director Dan McAuliffe CWCB Deputy D'uector SUBJECT: Agenda Item 25d, November 18-19, 2008 Board Meeting Water Supply Planning and Finance Section — Changes to Existing Loans Silt Water Conservancy Dist. — Rehabilitation of System Infrastructure Introduction At the July 2003 board meeting, the Colorado Water Conservation Board (CWCB) approved a loan to the Silt Water Conservancy District (District) in the amount of $1,029,897 from the Construction Fund. The loan was for the replacement of the Grass Valley Siphon; seepage control at Harvey Gap Reservoir, repair of the stilling basin at Rifle Gap Reservoir; and the replacement of the pumps and motors at the District's pumping plant. The District is requesting an increase of $485,103 to the District's 2003 authorization of $1,029,897. The requested loan increase is due to the increased cost for the replacement of the Grass Valley Siphon. Staff Recommendation Staff recommends that the Board approve an increase of $485,103 ($480,300 for project costs and $4,803 for a 1% Loan Service Fee) to the District from the Construction Fund Account at its current interest rate of 2.5% for 30 years. The District's total amended loan amount will be $1,515,000 ($1,500,000 for project costs and $15,000 for a 1% Loan Service Fee) for the rehabilitation of the District's system infrastructure. Security for the loan shall be collateral in compliance with CWCB Loan Policy No. 5.