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. . , , Agenda Item 22. March 10, 1998 . . Page 4 (Updated April 14, 1998) . Action taken bv the CWCB March 10. 1998: . The ewCB specified that the staff memorandum dated February 27, 1998 and presented at the March 16, 1998 meeting is officially designated as a "draft". The CWCB further specified that the memorandum be revised into fmal form with input from, and to the satisfaction of, the Attorney General's Office and the State Engineer's Office, (This memorandwn, designated as "Updated April 14, 1998", incorporates all required revisions, and represents the official record for this agenda item.) . The CWCB recommended a Construction Fund Authorization of up to 100% of the estimated cost of $1,700,000, for Groundwater Appropriators of the South Platte (GASP), to construct the Sedgwick Augmentation Reservoir and related structures. . The ewCB approved fmancing terms for this Construction Fund Authorization with an effective return of 3% per annum for 40 years to the Board. The loan may be structured with a lower payment for the first 10 years, provided that the total return to the Board over the life of the loan is equivalent to (i.e. has the same net present value as) a 3% per annum loan for 40 years. . As a condition of the loan, GASP must agree to work with the State Engineer's Office to establish a process for developing a reservoir operational plan, in colijunction withe SPLRG (The South Platte Lower River Group.) The plan would be subject to the approval and oversight of the State Engineer's Office. GASP would operate the reservoir for 5 years and will attempt to quantify any benefits to the State and to the recovery program, To the extent those benefits can be quantified, the~ewcB may coilsider turning an equivalent portion of the loan into. a grant. '. . . . The ewCB approved staff recommendations numbers 3. and 4. as written. - D:\IlIJCklcsGASPt9lmmD .