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DNR COLORADO <br /> Co ' Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> Memorandum <br /> To: Ms. Susan Borup, DNR Controller <br /> From: Mr. Steve Biondo, CWCB Finance Manager <br /> Date: February 10, 2015 <br /> Subject: City of Lamar Loan Contract No. C150367 Amendment No. 1 <br /> CORE No. CT 2015-007 <br /> CMS #74528 <br /> Modification of Excess Loan Balance to Zero <br /> Please reduce the entire balance in CT 2015-007 to zero for the above referenced loan <br /> amendment for the City of Lamar. The loan is in repayment and the funds are no <br /> longer needed. <br /> Previously in COFRS, it was allowable to make the final disbursement to the <br /> borrower/vendor with the loan service fee also being transferred to appropriation C21. <br /> Currently with CORE, this type of transaction is not accepted. However, there are two <br /> other options that allow the service fee to be added to appropriation unit PC413C210; <br /> they are to prepare a Journal Voucher (JV) now or a Cash Receipt (CR) later. <br /> In the January 2015 Meeting between DNR Accounting and CWCB, it was decided that <br /> using the CR method would be the better method to use at this time or until such time <br /> as CORE has the capability of processing the fee during the final disbursement to the <br /> vendor. <br /> The loan contract amendment terms include a modification of CT 2015-007 by <br /> $175,856.35. However, an amount of $181,965.20 remains in the CT with $6,108.85 <br /> being available for the service fee. Since the borrower is aware that they owe <br /> $616,993.65 (including the service fee) and they do not want any other funds, per the <br /> preferred method of applying the service fee to the loan, it is advisable to reduce all <br /> of the excess funds at this time and close out this CT. The fee will be paid by the <br /> borrower in full with their first annual loan payment of $28,504.70. The terms should <br /> remain as written allowing us the flexibility to monitor the loan funds within our <br /> accounting system and without confusing the vendor with such detail. <br /> We recommend that you approve the reduction of CT 2015-007 by $181,965.20 to zero <br /> and close out the CT as noted above. <br /> o cow <br /> P 303.866.3441 F 303.866.4474 www.cwcbstate.co.us /NQ ' 0 <br /> John W. Hickenlooper, Governor I Mike King, DNR Director I James Eklund, CWCB Director <br /> 1876 <br />