C150371 Approval Letter

• Contract/PO #: CT2015-031
• Contract/PO #: C150371
• Contractor Name: Rough and Ready Irrigating Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• 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. cwcb. state. co.us
TO: Colorado Water Conservation Board Members
FROM: Jonathan Hernandez, P.E., Project Manager
Kirk Russell, P.E., Chief Y6 ?--
Finance and Administration Section
DATE: October 18, 2013 (Updated October 21, 2013)
John W. Hickenlooper
Governor
Mike King
DNR Executive Director
James Eklund
CWCB Director
SUBJECT: Agenda Item 8c, October 21, 2013 Special Board Meeting
Finance — Emergency Loans
Rough and Ready Irrigating Ditch Company — Emergency Rough and Ready
Ditch River Diversion Structure Repair
Introduction
The Rough and Ready Irrigating Ditch Company (Company) is applying for an Emergency Loan
for the Emergency Rough and Ready Ditch River 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
Rough and Ready Ditch river diversion structure received significant damage as a result of this
flood. The purpose of the Project is to repair the diversion structure to allow the Company to divert
their decreed water rights. 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 $1,843,250 ($1,825,000 for project cost
and $18,250 for the 1% service fee) to the Rough and Ready Irrigating Ditch Company for 100% of
engineering and construction costs related to the Emergency Rough and Ready Ditch River
Diversion Structure Repair Project from the Severance Tax Perpetual Base Fund, up to the
approved loan amount. The loan terms shall be 3 years of no interest followed by 27 years at a
blended interest rate of 2.70% per annum. Security for the loan shall be in compliance with CWCB
Financial Policy #5.
Additionally, staff 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) 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