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<br />'\ <br /> <br />i <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />ST A TE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of NaturaI Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone, (303) 866-3441 <br />FAX, (303) 8664474 <br /> <br />~ <br /> <br />Bill Owens <br />Governor <br /> <br />MEMORANDUM <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />TO: <br /> <br />Peter H. Evans <br />eWeB Director <br /> <br />Colorado Water Conservation Board Members <br /> <br />FROM: <br /> <br />. . <br />J III' C t ctAd ' 't t ~ Dan McAuliffe <br />an lan, on ra miniS ra or Deputy . eeto< <br />Mike Serlet, P.E., Chief, Water S Iy Planning and Finance Sectio~;J r <br /> <br />March 9, 2000 JIV[) <br /> <br />DATE: <br /> <br />SUBJECT: Agenda Item SIb) March 20-21, 2000, Board Meeting <br />Water Supply Planning and Finance Section - Change in Existing <br />Loan - Ute Water Conservancy District - Plateau Creek Pipeline <br />Project Collateral <br /> <br />INTRODUCTION, <br /> <br />Over the last few years, the Board has approved several loans to the Ute Water <br />Conservancy District (District) totaling $27,6 million, For all of the loans, the collateral <br />required by the Board was a pledge of water system revenues and a security interest in <br />the Plateau Creek Pipeline project. The District has requested that the Board revise this <br />collateral requirement to reflect the collateral policy adopted by the Board at its <br />September 1999 meeting. <br /> <br />BACKGROUND. <br /> <br />The Board approved a loan to the District in the amount of $8,000,000 at its November <br />1992 meeting. At its November 1998 meeting, the Board approved increasing the loan <br />by $9,600,000, and at its January 2000 meeting, the Board increased the loan by <br />$10,000,000 for a total loan amount of $27,600,000, not to exceed 50% of eligible project <br />costs, for a project estimated to cost $55,360,000. Of the total loan amount, the Board <br />had approved $10,600,000 out of the Construction Fund and $17,000,000 out of the <br />Severance Tax Trust Fund Perpetual Base Account. <br /> <br />The collateral required for the total loan amount was a pledge of water system revenues <br />and a security interest in the Plateau Creek Pipeline project. The District will contract for <br />the funds through its water activity enterprise. <br /> <br />At its September 1999 meeting, the Board adopted a policy regarding the collateral for <br />loans made out of the Construction Fund and the Severance Tax Trust Fund Perpetual <br />