C150374 Approval Letter

• Contract/PO #: C150374
• Contractor Name: Boulder and Larimer County Irrigation and Manufacturing Ditch Company
• Contract Type: Loan
• Water District: 4
• County: Boulder
• County: Larimer
• Loan Projects - Doc Type: Approval Letter

STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
Fax: [phone]
www. cwc b. state. co.us
DATE: October 18, 2013 (Updated October 21, 2013)
SUBJECT: Agenda Item 8f, October 21, 2013 Special Board Meeting
Finance — Emergency Loans
Boulder and Larimer County Irrigating and Manufacturing Ditch Company —
Emergency Boulder and Larimer Diversion Structure Repair
Introduction
The Boulder and Larimer County Irrigating and Manufacturing Ditch Company (Company) is
applying for an Emergency Loan for the Emergency Boulder and Larimer Diversion Structure
Repair Project (Project). During the unprecedented flood of September 2013 in the tributaries to the
South Platte River, a significant number of diversion structures and dams along the river corridor
were damaged. The purpose of this Project is to repair the diversion structure and inlet shared by
the Company and the Ish Reservoir Company to give both Companies the ability to deliver water to
shareholders. The Company will share the cost of the Project with Ish Reservoir Company. See
attached Project Data Sheet for a location map and project summary.
Staff Recommendation (Board approved staff recommendation on October 21, 2013)
Staff recommends the Board approve a loan not to exceed $202,000 ($200,000 for project cost and
$2,000 for the 1% service fee) to the Boulder and Larimer Irrigating and Manufacturing Ditch
Company for 100% of engineering and construction costs related to the Emergency Boulder and
Larimer Diversion Structure Repair Project from the Severance Tax Perpetual Base Fund, up to the
approved loan amount. The loan terms shall be three years of no interest followed by 27 -years at a
blended interest rate of 1.90% per annum. Security for the loan shall be in compliance with CWCB
Financial Policy #5.
Staff additionally recommends the following contract condition:
Any future grant funds obtained for the purpose of this Project shall be submitted to CWCB to be
applied to the balance of the loan within thirty (30) calendar days after receipt of said funds.
Interstate Compact Compliance • Watershed Protection • Flood Planning & Mitigation • Stream & Lake Protection
Water Project Loans & Grants • Water Modeling • Conservation & Drought Planning • Water Supply Planning
John W. Hickenlooper
Governor
TO: Colorado Water Conservation Board Members
Mike King
FROM: Anna Mauss, P.E., Project Manager e?"-- --
DNR Executive Director
Kirk Russell, P.E., Chief
James Eklund
CWCB Director
Finance and Administration Section
DATE: October 18, 2013 (Updated October 21, 2013)
SUBJECT: Agenda Item 8f, October 21, 2013 Special Board Meeting
Finance — Emergency Loans
Boulder and Larimer County Irrigating and Manufacturing Ditch Company —
Emergency Boulder and Larimer Diversion Structure Repair
Introduction
The Boulder and Larimer County Irrigating and Manufacturing Ditch Company (Company) is
applying for an Emergency Loan for the Emergency Boulder and Larimer Diversion Structure
Repair Project (Project). During the unprecedented flood of September 2013 in the tributaries to the
South Platte River, a significant number of diversion structures and dams along the river corridor
were damaged. The purpose of this Project is to repair the diversion structure and inlet shared by
the Company and the Ish Reservoir Company to give both Companies the ability to deliver water to
shareholders. The Company will share the cost of the Project with Ish Reservoir Company. See
attached Project Data Sheet for a location map and project summary.
Staff Recommendation (Board approved staff recommendation on October 21, 2013)
Staff recommends the Board approve a loan not to exceed $202,000 ($200,000 for project cost and
$2,000 for the 1% service fee) to the Boulder and Larimer Irrigating and Manufacturing Ditch
Company for 100% of engineering and construction costs related to the Emergency Boulder and
Larimer Diversion Structure Repair Project from the Severance Tax Perpetual Base Fund, up to the
approved loan amount. The loan terms shall be three years of no interest followed by 27 -years at a
blended interest rate of 1.90% per annum. Security for the loan shall be in compliance with CWCB
Financial Policy #5.
Staff additionally recommends the following contract condition:
Any future grant funds obtained for the purpose of this Project shall be submitted to CWCB to be
applied to the balance of the loan within thirty (30) calendar days after receipt of said funds.
Interstate Compact Compliance • Watershed Protection • Flood Planning & Mitigation • Stream & Lake Protection
Water Project Loans & Grants • Water Modeling • Conservation & Drought Planning • Water Supply Planning