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<br />, , <br /> <br />" <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />Colorado Water Conservation Board <br /> <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 />.~ <br /> <br />Roy Romer <br />Governor <br /> <br />J.unes S. Lochhead <br />Executive Direaor. ONR <br /> <br />O;lnei C. lile, P.E. <br />Oirecor, ewcs <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br />, 5, <br />Bill Stanton, P,E" Chief, Project Planning and CO::ltrr Section ~ ' <br />Mike Serle!, P.E., Design and Construction Engineer VJ) <br /> <br />January 21,1998 <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Agenda Item 6.a. January 28--29, 1998, Board Meeting <br />Water Project Construction Loan Program <br />Changes in Existing Projects - Beaver Reservoir Dam Rehabilitation <br /> <br />INTRODUCTION <br /> <br />The Beaver Reservoir Company (BRC) has requested a deferment of their "Interest <br />During Construction" (IDC) charges of$12,023.63 accrued during the construction of the - <br />Beaver Reservoir rehabilitation project (see letter dated January 6, 1998), The BRC is <br />requesting the IDC be rolled into the loan principal and amortized over the loan's 40-year <br />life. The IDC payment was due in full, as established under provisions of the Loan <br />Contract, December 1, 1997. The terms of the loan is 100% of the $373,000 project cost <br />@ 3% for 40 years. The fIrst annual loan payment of $16,136,87 is due on November 1, <br />1998, <br /> <br />The BRC is composed of three ditch companies, one of which is unable to pay <br />their share of the IDC at this time, The BRC claims that the other two companies could <br />pay the third's share, however it would exhaust the two companies 1998 operating <br />budgets. <br />