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<br />,,( <br />I <br />t, <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Cenrenni.11 Building <br />1 31) Sherm~n Street <br />Oe:"l....er. ColorJdo 80203 <br />Phone: (30)) 86o.J~4' <br />FAX: DO)) 866-44j 4 <br /> <br />STATE OF COLOMDO <br /> <br />- <br /> <br />R<Jy Romt:r <br />W\ft:TMOr <br /> <br />MEMOR.\NDUM <br /> <br />/,lmes S. Loc~he~d <br />E.~~,=,..ll"e Q'rt:L10r, ONR <br />O.vi~ C. Lile. p.~. <br />D'TPC':cr. C\VC9 <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Bill Stanton, P.E. and Bill Green, P.E. W p..5. <br />Project Planning and Construction ~ V <br /> <br />November 14, 1997 <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Agenda Item 15.a., November 24 and 25, 1997 Board Meeting - <br />Water Project Construction Loan Program - Suggested Revisions to <br />Lending Policies and Procedures <br /> <br />Back!!round <br />On September 5, 1997, Board members Alan Hame~ Eric Kuhn, and David Smith met <br />with Chuck Lile, Bill Stanton, and Bill Green of the CWCB staff to discuss Construction <br />Fund and Severance Tax Trust Fund lending policies and procedures in conjUnction with <br />the CWCBfWater & Power Authority Joint Committee discussions which were taking <br />place at the time. The recommendations which resulted from that meeting were outlined in <br />our memo to you of September 15,1997 (September Agenda Item No. 22.h.). <br /> <br />Discussion <br />The purpose of this memo is to present some of those recommendations as specific <br />revisions, to existing lending policy for the Bo'ard's consideration at its November 1997 <br />meeting. Most of these revisions will be reflected in the staff recommendations for loans to <br />be considered for inclusion in the 1998 Construction Fund bill (including projects to be <br />funded from the Severance Tax Trust Fund). <br /> <br />Recommendations <br />The staff recommends the following revisions to CWCB lending policies and procedures <br />for both Construction Fund as well as Severance Tax Trust Fund loans beginning in <br />November 1997: <br /> <br />1. The Board and the staff of the CWCB will attempt to maintain an overall, long-term <br />rate of return of no Jess than 4,0 percent on the aggregate amount of all loans and <br />grants made through the Construction Fund in order to offset the long-run impacts of <br />price inflation and to maintain the integrity of the Fund. <br />