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STATE OF COLORADO <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Shertnan 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: Jonathan Hernandez, P.E., Project Manager� <br />Kirk Russell, P.E., Chief � U <br />Finance and Administration Section <br />DATE: <br />SUBJECT: <br />Introduction <br />January 17, 2014 (Updated January 29, 2014) <br />Agenda Item 17a, January 27-28, 2014 Board Meeting <br />Finance Section — Loan Deferral <br />Big Elk Meadows Association <br />John W. Hickenlooper <br />Governor <br />Mike King <br />DNR Executive Director <br />James Eklund <br />CWCB Director <br />The Big Elk Meadows Association (Association) has requested deferment of its annual loan <br />payments for a period of three years from the Association's current CWCB Construction Fund loan <br />(per letter received on January 11, 2014 - attached). The purpose for this request is to help offset the <br />Association's financial burden related to the September 2013 flood event in the South Platte Basin. <br />The Association's CWCB annual loan payment is $16,741.47. This request is made pursuant to <br />CWCB Financial Policy #10. <br />Staff Recommendation (Board Approved Staff Recommendation on January 27, 2014) <br />Staff recommends the Board approve the Big Elk Meadows Association's request for financial <br />relief by granting an annual loan payment deferment of principal and interest for three years for <br />Loan Contract C150327. During the three year deferment interest will be adjusted from 4.5% to <br />0%. After the deferral period the interest rate will revert to 4.5%. The repayment period will be <br />extended three years for a loan maturity date of February 1, 2046. The deferment will expire, and <br />the Associations next annual payment will be due on February 1, 2017. <br />lnterstate & Federal • Watershed & Flood Protection • Stream & Lake Protection • Finance <br />Water Information • Water Conservation & Drought Planning • Water Supply Planning <br />