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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 />TO: Colorado Water Conservation Board Members <br />FROM: Kirk Russell, P.E. �'� <br />Tim Feehan, P.E., Chief <br />Finance Section <br />DATE: <br />SUBJECT: <br />Introduction <br />July 9, 2010 (Updated July 30, 2010) <br />Bill Ritter, Jr. <br />Govemor <br />Mike King <br />DNR Executive Director <br />Jennifer L. Gimbel <br />CWCB Director <br />Agenda Item 8b, July 20-21, 2010 Board Meeting <br />Finance Section — New Project Loans <br />Grand River Ditch Company — Grand River Ditch Pipeline Project <br />The Grand River Ditch Company (Company) is applying for a CWCB loan for the Grand River Ditch <br />Pipeline Project (Project). The Project is necessary in order to repair and protect the ditch along the <br />Colorado River near its diversion point. The total Project cost, including engineering and construction, <br />is estimated at $538,000. The Borrower is eligible to receive funding assistance from Natural <br />Resources Conservation Service (NRCS) and has applied for Colorado River — Basin Roundtable grant <br />funding. The remaining project cost will become a 30-year CWCB loan. See attached Project Data <br />Sheet for a location map and Project summary. <br />Staff Recommendation (Approved by Board with additional collateral language below) <br />Staff recommends the Board approve a loan, not to exceed $543,380 ($538,000 for project costs <br />and $5,380 for the 1% Loan Service Fee) for engineering and construction costs, to the Grand River <br />Ditch Company from the Construction Fund for the Grand River Ditch Pipeline Project. Following <br />construction, the staff further recommends the loan be amended to an amount not to exceed <br />$443,380 ($438,000 for the remaining balance of the Project and $5,380 for the Loan Service Fee). <br />The loan terms shall be 30 years at a blended interest rate of 4.2% per annum. Security for the loan <br />shall be in compliance with CWCB Financial Policy #5. <br />Additional Contract Condition all additional grant funds obtained for the purpose of this Project <br />shall be applied to the balance of the final Project cost. <br />Interstate & Federal • Watershed & Flood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Planning <br />