Nov 2011 Deauthorizations

• Loan Projects - Doc Type: Default Information

STATE OF COLORADO
• Colorado Water Conservation Board
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Department of Natural Resources
1313 Sherman Street,Room 721 < �� 90
Denver,Colorado 80203 /7
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Phone:[phone] *r
Fax:[phone]
www.cwcb.state.co.us ' i 9 3
W.Hickenlooper
Governor
TO: Colorado Water Conservation Board Members
Mike King
DNR Executive Director
FROM: Anna Mauss, P.E.
Kirk Russell, P.E. Chief Jennifer L.Gimbel
> P.E., � CWCB Director
Finance Section
DATE: November 4, 2011
SUBJECT: Consent Agenda Item 4a,November 15-16,2011 Board Meeting
Finance Section—Construction Fund and Severance Tax Trust Fund Perpetual
Base Account—Loan De-authorization
Huerfano Cucharas Irrigation Company — Cucharas Dam Rehabilitation
Project
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Introduction
At the November 2010 Board meeting, the Huerfano-Cucharas Irrigation Company(HCIC) was
approved for a$9,999,000 loan for the Cucharas Dam Rehabilitation Project. The loan was for a
two-phased approach to address a storage restriction. No loan contracts have been executed for this
project.
Staff Recommendation
Staff recommends that the Board deauthorize the loan approved at the November 2010 Board
meeting for a loan not to exceed $9,999,000 ($9,900,000 for project costs and $99,000 for the 1%
loan service fee)to the Huerfano-Cucharas Irrigation Company for the Cucharas Dam
Rehabilitation Project from the Construction Fund.
Background
Prior to the loan approval, Two Rivers Water Company had purchased a controlling interest in
HCIC in February 2010. Since the November 2010 Board meeting, Two River's business model
has evolved. It now plans to redirect its efforts to rehabilitate its other water assets to support its
agricultural operations. Two Rivers Water Company is requesting a new project loan in the
November 2011 agenda item 34c.
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