CT2018-3303 Contract

• Contract/PO #: CT2018-3303
• Contractor Name: San Luis Valley Irrigation District
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

APPENDIX 4
SAN LUIS VALLEY IRRIGATION DISTRICT
RESOLUTION NO: 2018-04
RESOLUTION TO APPROVE THE COLORADO WATER CONSERVATION
BOARD'S CONTRACT LOAN NO. CT: 2018-3303 FOR PHASE 2 OF THE
REHABILITATION OF RIO GRANDE RESERVOIR
WHEREAS,the San Luis Valley Irrigation District("District") is a statutorily created
Irrigation District, organized and existing under and pursuant to the Irrigation District Law of
1905, C.R.S. §§ 37-41-101,et seq.;
WHEREAS,the District has pursued a project to rehabilitate Rio Grande Reservoir and
Dam(the"Rehabilitation Project")as part of the Rio Grande Cooperative Project;
WHEREAS,the District has completed the Rehabilitation Project's first phase, including
the lining of the upstream dam face and grouting to reduce seepage from the Reservoir, with
grant funding provided by the Colorado Water Conservation Board("CWCB");
WHEREAS,the CWCB has approved a loan in the amount of fifteen million dollars
($15,000,000)for a 30-year term with an interest rate of 1.65%per annum, Contract No. CT:
2018-3303 (the"Loan") for Phase 2 of the Rehabilitation Project;
WHEREAS,the CWCB has also approved a grant in the amount of ten million dollars
($10,000,000), Grant Nos. CMS 108758, CORE CTGG1 2018-1805 for Phase 2 of the
Rehabilitation Project;
WHEREAS,the District has entered lease agreements with other entities for storage
space in Rio Grande Reservoir;
WHEREAS,the District is negotiating lease agreements with additional entities for
storage space in Rio Grande Reservoir;
WHEREAS,the funds generated from the storage lease agreements will be utilized for
repayment of the Loan;
WHEREAS, by Resolution No. 2018-01,the District pledged the District's landowner
assessments and,pursuant to the Board's authority under C.R.S. § 37-41-123,to increase those
assessments to meet the District's repayment obligations for the Loan if necessary; and
WHEREAS,the District's landowners in an election held on April 3, 2018,by a vote of
64 FOR and 7 AGAINST, approved the District entering a loan contract with the CWCB in the
amount of fifteen million dollar($15,000,000)for the Rehabilitation Project.