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<br />COLORADO WATER CONSERVATION BOARD <br />823 State Centennial Building <br />l313 Sherman Street <br />Denver, Colorado 80203 <br /> <br />September 9, 1980 <br /> <br />ORCHARD MESA IRRIGATION DISTRICT PROJECT <br /> <br />An application for a state water project was received from the District at <br /> <br />the Colorado Water Conservation Board (CWCB) early in September, 1979. <br /> <br />The staff has met with the Irrigation District and the Water and Power <br /> <br />Resources Service twice regarding the project. Based on these discussions, the <br /> <br />District decided that it had the financia~ capability to undertake a feasibility <br /> <br />study for the project on its own. Thereafter, the Board would decide how it would <br /> <br />prefer to have their project financed. The District thought, however, that it would <br /> <br />most probably prefer funding available through the Water and Power Resources Service <br /> <br />under the small projects loan. <br /> <br />Subsequent to this, CWCB has received a second application from the Irrigation <br /> <br />District for a state water project. The letter accompanying the application requests <br /> <br />a short term loan (one or two years) which would amount to somewhere around 1 to 1,5 <br /> <br />million dollars. <br /> <br />The staff has reviewed the second application received, and would have no <br /> <br />problems recommending the project, pending satisfactory. findings arrived at in the <br /> <br />feasibility stUdy, which is currently underway. <br /> <br />However, the terms of the proposed financing appeared to the staff rather <br /> <br />unusual, Therefore, the staff requests the Board's guidance regarding the proposed <br /> <br />financing. <br /> <br />JWM: pm <br />