C150279 Amendment Approval Letter

• Contract/PO #: C150279
• Contractor Name: Boulder and White Rock Ditch & Reservoir Company
• Contract Type: Loan
• Water District: 0
• County: Boulder
• Loan Projects - Doc Type: Approval Letter

STATE OF COLORADO
Colorado Water Conservation Board COLORADO CONSER
Department of Natural Resources
1313 Sherman Street,Room 721 j se ;0`,1.
Denver,Colorado 80203
Phone:[phone] *
FAX:[phone] * /876 .
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Bill Ritter Jr.
Governor
Harris D.Sherman
DNR Executive
Director
TO: Colorado Water Conservation Board Members Jennifer L.Gimbel
CWCB Director
FROM: Tim Feehan, P.E., Project Manager Dan McAuliffe
Water Supply Planning and Finance Section CWCB Deputy
Director
DATE: November 10, 2009 (Updated December 1,2009)
SUBJECT: Agenda Item 27a,November 16-18, 2009 Board Meeting
Water Supply Planning and Finance Section- Changes to Existing Loans
Boulder White Rock Ditch and Reservoir Co. - Panama Reservoir Outlet
Introduction
At the November 2008 board meeting,the Colorado Water Conservation Board(CWCB)approved
a loan to the Boulder White Rock Ditch and Reservoir Company(Company)in the amount of
$2,430,060 from the Severance Tax Trust Fund Perpetual Base Account. The loan was for the
installation of a pump station in Panama Reservoir as part of the Panama Reservoir Outlet Project.
The Company is requesting an increase of$434,104 to the Company's 2008 authorization, for a
total request of$2,864,164,which is 90%of the total project cost. The requested loan increase is
due to higher than anticipated engineering and construction costs.
Staff Recommendation
Staff recommends the Board approve an increase of$434,104 ($429,806 for project costs and
$4,298 for a 1% Loan Service Fee)to the Company from the Severance Tax Trust Fund
Perpetual Base Account, at its current interest rate of 3.45% for 30 years. The Company's total
amended loan amount will be $2,864,164 ($2,835,806 for project costs and $28,358 for the 1%
Loan Service Fee) for the Panama Reservoir Outlet Project. Security for the loan shall be
collateral in compliance with CWCB Financial Policy No. 5.
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