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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: Anna Mauss, P.E., Project Manager <br />Kirk Russell, P.E., Chief 41-le- <br />Finance and Administration Section <br />DATE: September 13, 2013 (Updated September 26, 2013) <br />John W. Hickenlooper <br />Governor <br />Mike King <br />DNR Executive Director <br />James Eklund <br />CWCB Director <br />SUBJECT: Agenda Item 30c, September 24 -25, 2013 Board Meeting <br />Finance —Water Project Loans <br />Huerfano County Water Conservancy District — Regional Augmentation <br />Project <br />Introduction <br />The Huerfano County Water Conservancy District (District) is applying for a CWCB loan to <br />finance its Regional Augmentation Project (Project). The purpose of the Project is to replace <br />depletions from wells in unincorporated communities in Huerfano County through a regional <br />augmentation plan. The total Project cost is estimated to be $3,050,000. The District is requesting <br />a loan from the CWCB to cover approximately 70% of Project Costs. See attached Project Data <br />Sheet for a location map and a Project summary. <br />Staff Recommendation (Board approved staff recommendation on September 25, 2013) <br />Staff recommends the Board approve a loan, from the Construction Fund, not to exceed $2,222,000 <br />($2,200,000 for project costs and $22,000 for the 1% Loan Service Fee) to the Huerfano County <br />Water Conservancy District for the Regional Augmentation Project. The loan terms shall be 30 <br />years at the low- income municipal rate of 2.25% per annum. Security for the loan shall be in <br />compliance with CWCB Financial Policy #5. <br />Staff additionally recommends the following contract condition: <br />If the District sells, conveys, assigns, transfers, or otherwise disposes of any portion of land <br />purchased with CWCB funds from this loan, proceeds from such transfer shall be applied to <br />the CWCB debt service within 90 days of the sale. In the event of such sale or transfer and <br />the proceeds not applied to this CWCB debt, the CWCB may declare all outstanding <br />principal and interest immediately due and payable. <br />Interstate Compact Compliance • Watershed Protection • Flood Planning & Mitigation • Stream & Lake Protection <br />Water Project Loans & Grants • Water Modeling • Conservation & Drought Planning • Water Supply Planning <br />