C150401 Approval Letter

• Contract/PO #: CT2015-091
• Contract/PO #: C150401
• Contractor Name: Sanford Canal Company
• Contract Type: Loan
• Loan Projects - Doc Type: Approval Letter

STATE OF COLORADO
Colorado Water Conservation Board
oF'�off;
Department of Natural Resources
1313 Sherman Street,Room 721 = ti°''„4 it T
Denver,Colorado 80203 \
Phone:[phone]
Fax:[phone] *1876
www.cwcb.state.co.us
John W.Hickenlooper
Governor
TO: Colorado Water Conservation Board Members
Mike King
DNR Executive Director
FROM: Jonathan Hernandez, P.E., Project Manager
James Eklund
Kirk Russell, P.E., Chief V.02— CWCB Director
Finance Section
DATE: May 9, 2014 (Updated May 23,2014)
SUBJECT: Agenda Item 32b,May 21-22,2014 Board Meeting
Conejos River System Confluence Management Project
Sanford Canal Company (CWCB LOAN)—Sanford Diversion and Headgate
Rehabilitation Project
Introduction
The Sanford Canal Company(Company) is requesting a loan for the Sanford Diversion and Headgate
Rehabilitation Project(Project). This Project is one of three projects collectively known as the Conejos
River System Confluence Management Project(CMP). This Project will replace the existing diversion
structure and headgates and add measurement structures to the Sanford Canal. The total Project cost is
estimated to be$213,000. The Company is requesting a loan from the CWCB for approximately 50%
of Project costs. See attached Project Data Sheet for a location map and a project summary.
Staff Recommendation (Board approved staff recommendation on May 22,2014)
Staff recommends the Board approve a loan not to exceed$101,000 ($100,000 for Project costs and
$1,000 for the 1% Loan Service Fee)to the Sanford Canal Company for the Sanford Diversion and
Headgate Rehabilitation Project from the Construction Fund. The loan terms shall be 30 years at the
agricultural interest rate of 1.75%per annum. Security for the loan shall be in compliance with
CWCB Financial Policy#5.
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