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DA"! C 0 L 0 R A D 0 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: Jonathan Hernandez, P.E., Project Manage <br /> Kirk Russell, P.E., Finance Section Chief,4(� <br /> DATE: November 19-20, 2014 Board Meeting (Updated November 21, 2014) <br /> AGENDA ITEM: 27b. Water Project Loans <br /> Supply Irrigating Ditch Company - Emergency Supply Ditch Rehabilitation <br /> Project <br /> Introduction <br /> The Supply Irrigating Ditch Company (Company) is applying for a loan for the Emergency Supply Ditch <br /> Rehabilitation Project (Project). During the unprecedented flood of September 2013 in the tributaries <br /> to the South Platte River, a significant number of diversion structures and dams along the river corridor <br /> were damaged. The Company's ditch received significant damage as a result of this flood. The <br /> Company completed temporary repairs to allow for water diversions during the 2014 irrigation season. <br /> The purpose of the Project is to fund permanent repairs. The total Project cost is $321,000. The <br /> Company is requesting a loan from CWCB for 100% of the Project cost which will serve as a bridge loan <br /> until FEMA provides reimbursement funds. See attached Project Data Sheet for a location map and <br /> Project summary. <br /> Staff Recommendation (Board Approved Staff Recommendation on November 20, 2014) <br /> Staff recommends the Board approve a loan not to exceed $324,210 ($321,000 for Project cost and <br /> $3,210 for the 1% service fee) to the Supply Irrigating Ditch Company, for engineering and construction <br /> costs related to the Emergency Supply Ditch Rehabilitation Project from the Severance Tax Perpetual <br /> Base Fund, up to the approved loan amount. The loan terms shall be 3 years of no interest followed by <br /> 27 years at a blended interest rate of 2.25% per annum. Security for the loan shall be in compliance <br /> with CWCB Financial Policy #5. <br /> Additionally, staff recommends the following contract condition: <br /> Any future grant funds obtained for the purpose of this Project shall be submitted to CWCB to <br /> be applied to the balance of the loan within thirty (30) days after receipt of said funds. <br /> corn <br /> lagNV <br /> Interstate Compact Compliance •Watershed Protection • Flood Planning Et Mitigation •Stream Et Lake Protection $ ` <br /> Water Project Loans Et Grants •Water Modeling • Conservation Et Drought Planning • Water Supply Planning IN <br /> - -, <br />