BOARD01969

• Board Meeting Date: 7/23/2002
• Description: CF Section - Changes to Existing Loans - Town of Monument Monument Dam Rehablilitation Project
• Board Meetings - Doc Type: Memo

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STATE OF COLORADO

Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]

Q

TO:

Bill Owens
Governor

Greg E. Walcher
Executive Director

Dan McAuliffe
CWCB Director
Colorado Water Conservation Board Members (Acting)

Tim Feehan, P.E" Project ManageFa
Mike Serlet, P.E., Chief, Water Su~pW'lanning and Finance seciI! (

July 12, 2002 '!-J

Memorandum

FROM:

DATE:

SUBJECT:

Agenda Item No. 17c, July 23-24, 2002, Board Meeting
Water Supply, Planning and Finance - Changes to Existing Loans
Town of Monument
Monument Dam Rehabilitation Project

INTRODUCTION

The Town of Monument, Colorado, is requesting an increase of $362,000 to the Town's
2001 authorization of $2,081,000 for the Monument Dam Rehabilitation Project. The requested
loan increase is due to cost overruns incurred during construction and additional work that has
been incorporated into the overall project.

BACKGROUND

At the January 2001 board meeting, the Colorado Water Conservation Board approved a
loan to the Town of Monument in the amount of $2,081,000, from the Severance Tax Trust Fund
Perpetual Base Account. The $2,081,000 authorization was for improvements to the dam to
address safety deficiencies identified by the State Engineer's Office, who indicated the dam to be in
very poor condition and in need of immediate repair, The improvements to the reservoir where
designed by Boyle Engineering, from Lakewood, Colorado, and are currently being constructed by
ASI ReC, Inc., from Buena Vista, Colorado.

An intergovemmental agreement (IGA) between E1 Paso County and the Town of
Monument was finalized on January 5,2001, relieving the County of all responsibility of the dam
upon completion of the repair work and upon financial contribution towards the repair by the
County, Of the $3,081,000 estimated project cost, E1 Paso County will provide at least $1,000,000
under the terms of the IGA between the Town and County, Therefore, the Town of Monument's
existing loan amount with the Colorado Water Conservation Board for the dam repair is $2,081,000,
at an interest rate of 5,5% for 30-year,