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<br />. <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1 313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (3031 866-4474 <br /> <br />STATE OF COLORADO <br /> <br />o <br /> <br />. . <br /> <br />"f" <br /> <br />Roy Romer <br />Governor <br /> <br />James S. lochhetld <br />Executive Director, DNR <br /> <br />Daries C. Lile, PE. <br />Director, CWeB <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />FROM: <br /> <br />Colorado Water Conservation Board Members <br /> <br />\ .fJ5. <br />Bill Stanton, P.E., Chief, Project Planning and Con~ttr Section \j": . <br />Mike Serlet, P.E., Design and Construction Engineer VJ) <br /> <br />January 21, 1998 <br /> <br />DATE: <br /> <br />. SUBJECT: 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 I, 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 I, <br />1998. <br /> <br />. <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 />