BOARD00052

• Board Meeting Date: 7/13/1998
• Description: CF Section - Process Instructions for Late Payments
• Board Meetings - Doc Type: Memo

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Colorado Water Conservation Board
Department of Natural Resources
721 Centennial Building
1313 Sherman Street
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]

STATE OF COLOMDO

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MEMORANDUM

Roy Romer
Governor

To:

James S. lo=hhead
Executive Director, DNR
OariesC. Ufe, P.E.
Director, eweB
PeterH. Evans
Acting Director, eweB

FROM:

Colorado Water Conservation Board Members

Bill Stanton, Section Chief \jJr5'
Jan lilian, Contract Adm~Ll
Construction Fund Secti~ U

July 8, 1998

DATE:

SUBJECT:

Agenda Item 19, July 13-14, 1998 Board Meeting
Water Project Construction Loan Program
Process Instructions for Late Payments

INTRODUCTION, The Board approved the implementation of a late charge in the amount of
5% of the payment on annual loan payments not received within 15 days of the due date,
Process instructions were included with the Board memo to explain how the late charge
would be administered.

The Board expressed concerns about a provision in the process instructions that
addresses the ability of the Staff to waive the late charge, and requested Staff to provide
criteria that it would apply in waiving a late charge.

DISCUSSION. The Staff has developed the following criteria for potential waivers of the late
charge, Staff may waive the late charge if the Borrower meets the following criteria:

· The Borrower contacts Staff prior to the payment due date.

· The Staff determines that the Borrower. due to circumstances beyond its control, is
unable to make some or all of its payment on time.

· The Staff and the Borrower agree upon an alternate date by which the Borrower will
make its payment.

. The Borrower makes the payment as agreed,

STAFF RECOMMENDATION.

Staff recommends that the Board authorize Staff to waive the late charge based on the
criteria set forth above,