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<br />~ <br /> <br />'~.... <br /> <br />-~ <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natura I Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone, (303) 866-3441 <br />FAX, (303) 866--1474 <br /> <br />Q) <br /> <br />MEMORANDUM <br /> <br />Bill Owens <br />Governor <br /> <br />TO: <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />FROM: <br /> <br />Colorado Water Conservation Board Members <br />~ L /' Peter H. Evans <br />: J-l tr CWCB Director <br />Bill Green, P.E., Water Supply Planning and Finance Section S <br />Mike Serlet, P.E., Chief, Water Supply Planning and Finance sect~ Dan McAuliffe <br />Deputy Director <br /> <br />January 12,2000 <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Agenda Item 11 c., January 26-27, 2000 Board Meeting - Water <br />Supply Planning and Finance - Changes in Existing Loans - <br />Consolidated Mutual Water Company - Fortune Reservoir Project <br /> <br />Introduction <br /> <br />The Consolidated Mutual Water Company (Company) of Lakewood is requesting an increase of <br />$6.3 million in the Company's 1999 authorization for the Fortune Reservoir Project. Please see <br />the attached project summary sheet and a letter from Walter Welton, the President of <br />Consolidated Mutual. <br /> <br />Backl?:round <br /> <br />At the January 27, 1999 Board meeting, the Board recommended a Construction Fund loan of <br />$10.0 million to the Consolidated Mutual Water Company for the Fortune Reservoir Project. The <br />loan was subsequently authorized by the legislature in SB 99-173. <br /> <br />A condition of loan approval was the completion ofa feasibility study. The feasibility study was <br />prepared by BBC Research and Consulting (BBC) of Denver and was accepted by the CWCB <br />staff in October oflast year. BBC also prepared an updated financial analysis for this additional <br />funding request. <br /> <br />A loan contract with the Company for $10.0 million was executed in December 1999. The term <br />of the loan is ten years and the lending rate is 4.75 percent. <br /> <br />Property acquisition, permitting and engineering design work have been completed. Plans and <br />specifications for the project were approved by the State Engineer's Office in November 1999. <br />Construction is underway and the project is scheduled for substantial completion in March 2002. <br />