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41/4. DNR C O L O R A D O 1313 Sherman Street John Hickenlooper, Governor <br /> Denver,CO 80203 <br /> CO 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: Derek Johnson, P.E., Project Manager 00 <br /> Kirk Russell, P.E., Finance Section Chief <br /> DATE: November 19-20, 2014 Board Meeting (Updated November 21, 2014) <br /> AGENDA ITEM: 27d. Water Project Loan <br /> Las Animas Consolidated Canal Company <br /> Repair & Replacement of Canal Spillway Structure <br /> Introduction <br /> The Las Animas Consolidated Canal Company (Company) is applying for a loan for the construction of <br /> the Repair& Replacement of Canal Spillway Structure Project (Project). The Company operates a <br /> spillway structure that permits diversions further downstream into their ditch system, or river return <br /> flows. This structure was heavily damaged by a localized nighttime thunderstorm in April 2014. <br /> Temporary measures have been put in place to maintain operations, but the Company seeks a long- <br /> term solution by replacement with a new and improved spillway structure at the same location. <br /> The total Project cost is estimated at $400,200. The Company is requesting a loan to cover 90% of the <br /> Project cost. See the 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 $363,782 ($360,180 for project costs and <br /> $3,602 for the 1% Loan Service Fee) to the Las Animas Consolidated Canal Company for costs associated <br /> with design and construction of the Repair & Replacement of Canal Spillway Structure Project from the <br /> Severance Tax Perpetual Base Fund. The loan terms shall be 30 years at the blended rate of 5.05% per <br /> annum. Security for the loan shall be in compliance with CWCB Financial Policy #5. <br /> Staff additionally recommends a contract condition that, upon payment towards outstanding principal <br /> representing the non-agricultural Company share of the final accumulated loan amount (including the <br /> 1% Loan Service Fee), the loan interest rate shall be amended down to the agricultural rate of 2% per <br /> annum. <br /> cs.coio <br /> Interstate Compact Compliance •Watershed Protection • Flood Planning&Mitigation • Stream &Lake Protection 0..�1 vo <br /> Water Project Loans&Grants •Water Modeling • Conservation&Drought Planning •Water Supply Planning I <br /> `x/876 <br />