CT2015-166 Contract Amend 1

• Contract/PO #: CT2015-166
• Contractor Name: San Luis Valley Water Conservancy District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

APPENDIX D: Resolution to Approve an Amendment to CWCB Contract No. CT2015-166
SAN LUIS VALLEY WATER CONSERVANCY DISTRICT
RESOLUTION NO: 2017—06
A RESOLUTION TO APPROVE AN AMENDMENT TO
THE COLORADO WATER CONSERVATION BOARD CONTRACT LOAN NO. CT2015-166,
FOR THE PURCHASE OF WATER RIGHTS FOR THE
SAN LUIS VALLEY WATER CONSERVANCY DISTRICT'S AUGMENTATION PROGRAM
WHEREAS,the Board of Directors of the San Luis Valley Water Conservancy District("District")
have made the decision to serve the long-term augmentation needs associated with domestic, small
commercial, and municipal wells through its Augmentation Program, and;
WHEREAS, for the Augmentation Program to continue, it is necessary that the District have an
inventory of augmentation water, and efforts have been made to acquire water rights for the
Augmentation Program,and;
WHEREAS, on October 29, 2012,the District entered into a Letter of Understanding pursuant to
which it received 46.92 acre-feet of the decreed transferrable average annual consumptive use yield of
the Anaconda Ditch water rights, and agreed to purchase the remaining 257.88 acre-feet of the
decreed transferrable average annual consumptive use yield of the Anaconda Ditch water rights,for a
total average annual yield of 304.8 acre feet of consumptive use,and;
WHEREAS,the District previously obtained a loan from the Colorado Water Conservation Board
("CWCB")to purchase the Anaconda Ditch water rights in the amount of Eight Hundred and Thirty-
Nine Thousand Dollars ($839,000.00) in March 2013, Loan Contract No.CT2015-166, and;
WHEREAS, in accordance with the terms of the Letter of Understanding, and subsequently
entered Water Augmentation Agreement,the total cost of the Anaconda Ditch water right has
escalated over the time period of 2012-2017 to One Million and One Hundred and Twelve Thousand
and Four Hundred and Fifty Dollars($1,112,450.00), and;
WHEREAS,the Directors do not wish to deplete the District's financial resources in the
acquisition of the Anaconda Ditch water rights, and;
WHEREAS, the District made an application to the Water Project Loan Program of the CWCB,to
amend Contract No. CT2015-166 to borrow an additional Two Hundred and Eighty-Four Thousand and
Five Hundred and Seventy-Four Dollars and Fifty Cents ($284,574.50),for a total loan amount of One
Million and One Hundred and Twenty-Three Thousand and Five Hundred and Seventy-Four Dollars and
Fifty Cents($1,123,574.50)for a 30-year term with an interest rate of 2.5%per annum,which was
approved by the CWCB on January 24, 2017.
Resolution No.2017-06
CWCB Loan Amendment
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