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STATE OF COLORADO <br /> Colorado Water Conservation Board ,v,z <br /> Department of Natural Resources ` +C ,o <br /> 1313 Sherman Street,Room 721 <br /> Denver,Colorado 80203 5 h <br /> Phone:(303)866-3441 <br /> Fax:(303)866-4474 \*\*Ig7g <br /> www.cwcb.state.co.us ' <br /> X19 i�1 ' <br /> John W.Hickenlooper <br /> Governor <br /> TO: Colorado Water Conservation Board Members <br /> Mike King <br /> DNR Executive Director <br /> FROM: Kirk Russell, P.E., Chief lag <br /> Finance Section James Eklund <br /> CWCB Director <br /> DATE: May 9, 2014 (Updated May 23,2014) <br /> SUBJECT: Agenda Item 34c, May 21-22,2014 Board Meeting <br /> Water Project Loans <br /> Fulton Irrigating Ditch Company—Diversion Structure Rehabilitation Project <br /> Introduction <br /> The Fulton Irrigating Ditch Company (Company) is applying for a loan for the Diversion Structure <br /> Rehabilitation Project(Project). The purpose of the Project is to replace the Company's South <br /> Platte River diversion gates and rehabilitate the existing trash rack. The Project will also include <br /> the reconstruction of the Branch Ditch Diversion Structure on the Fulton Ditch. The total Project <br /> cost is estimated to be $2,230,000. The Company is requesting a loan from the CWCB for <br /> approximately 90% of Project costs. See attached Project Data Sheet for a location map and <br /> project summary. <br /> Staff Recommendation (Board approved staff recommendation on May 22,2014) <br /> Staff recommends the Board approve a loan not to exceed $2,027,070 ($2,007,000 for project costs <br /> and $20,070 for the 1% Loan Service Fee)to the Fulton Irrigating Ditch Company for engineering <br /> and construction costs related to the Diversion Structure Rehabilitation Project from the <br /> Construction Fund. The loan terms shall be 30 years at a blended interest rate of 2.45%per annum. <br /> Security for the loan shall be in compliance with CWCB Financial Policy #5. <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 />