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DNR COLORADO 1313 Sherman Street John Hickenlooper,Governor <br /> Denver,CO 80203 <br /> CO C Colorado Water Mike King, DNR Executive Director <br /> Conservation Board P(303)866-3441 <br /> Department of Natural Resources F(303)866-4474 James Eklund,CWCB Director <br /> TO: Colorado Water Conservation Board Members <br /> FROM: Anna Mauss, P.E., Project Manager C , � <br /> Kirk Russell, P.E., Finance Section Chief ',if ' <br /> DATE: November 19-20, 2014 Board Meeting (Updated November 21, 2014) <br /> AGENDA ITEM: 27a - Water Project Loans <br /> Town of Bennett - Well #3 and #6 Replacement Project <br /> Introduction <br /> The Town of Bennett (Town), acting by and through its water activity enterprise, is applying for a loan <br /> for the Well#3 and #6 Replacement Project (Project). The Town relies on 11 wells for its municipal <br /> supply. A recent water study revealed the need to replace two of the existing wells due to the age of <br /> the wells and desire for redundancy within the water system. The estimated total Project cost is <br /> $1,600,000. The Town is requesting a loan from CWCB for approximately 90% of the Project Cost. See <br /> attached Project Data Sheet for a location map and Project summary. <br /> Staff Recommendation (Board Approved Staff Recommendation on November 20, 2014) <br /> Staff recommends the Board approve a loan not to exceed $1,454,400 ($1,440,000 for Project cost and <br /> $14,400 for the 1% service fee) to the Town of Bennett, acting by and through its water enterprise, for <br /> engineering and construction cost related to the Well #3 and #6 Replacement Project from the <br /> Construction Fund, up to the approved loan amount. The loan terms shall be 30 years at the current <br /> middle-income municipal interest rate of 3.25% per annum. Security for the loan shall be in compliance <br /> with CWCB Financial Policy#5. <br /> pF C0� <br /> Interstate Compact Compliance •Watershed Protection • Flood Planning Et Mitigation • Stream Et Lake Protection ��: <br /> `o <br /> Water Project Loans Et Grants •Water Modeling • Conservation&Drought Planning •Water Supply Planning * +,, <br />