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<br />, <br /> <br />e <br /> <br />. <br /> <br />e <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866,3441 <br />FAX: (303) 866-4474 <br /> <br />STATE OF COLORADO <br /> <br />8 <br /> <br />Rov Romer <br />Co'vernor <br /> <br />James S. Lochhe~d <br />Executive Director, DNR <br /> <br />Oanes C. lile. P.E. <br />Director, eWeB <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members I ~ <br /> <br />Bill Stanton, PE, Chief, Project Planning and Construction Section W~ ~ ' <br />Mike Seriet, P,E., Design and Construction EngineerJl/J ' <br /> <br />May 4, 1998 <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Agenda Item IS.c. May 11-12, 1998, Board Meeting <br />Water Project Construction Loan Program <br />Changes in Existing Projects - Beaver Reservoir Dam Rehabilitation <br /> <br />INTRODUCTION / BACKGROUND <br /> <br />This item is a continuation of item #6,a. of the January 28-29, 1998 Board <br />meeting, Attached is the board memo from that meeting and all relative documentation, <br />including a March 5, 1998 letter from staff to Mr. Neil Thompson, President of the <br />Beaver Reservoir Company (BRC), explaining the results of the January Board meeting, <br />Following the January 29, 1998 staff presentation, the Board unanimously approved the <br />following recommendations: <br /> <br />Provided all three companies raise their assessments at their next respective <br />regularly scheduled annual meetings, or sooner, sufficient to cover operation and <br />maintenance, reserve accounts, and debt service based on 1998 cost estimates, that under <br />authority of Section 37-60-120 CRS, the Board: <br /> <br />L <br /> <br />Find that the Beaver Reservoir Company has encountered significant and <br />unexpected financial difficulties and that it has been duly diligent in its efforts to <br />comply with the repayment provisions of its contract with the Board, and <br />The Board defers Beaver Reservoir Company's Interest During Construction <br />payment of$12,023,63 for the Rehabilitation ofthe Beaver Reservoir Project <br />until November 1, 1998, at which time the first annual loan payment of <br />$16,136,87 is also due. <br /> <br />2. <br />