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<br />Regulations. Rehabilitating the main outlet would eliminate the threat of a storage restriction. , <br /> <br />The GLIC has an existing authorization in HB 98-1189 for a $308,000, 30-year loan to <br />rehabilitate Equalizer Dam. A blended interest rate of 4.21 % was established by the Board at its <br />November 1997 meeting based on a weighted average of 1,864.84 shares for agricultural use at <br />4.00% and 475.16 shares for municipal use at 5.00%. The estimated loan payment for a <br />$75,000 loan for 30 years at 4.21 % is $4,448.52 per year. <br /> <br />The GLIC has no other existing long-term debt. The total debt to the CWCB for this loan <br />combined with the previous authorization will be $383,000. <br /> <br />Based on a preliminary estimate of $100,000 for the total cost of the project, this project will <br />have a capital cost $12.42 per acre-foot of and $1.51 per acre-foot of total water deliveries by <br />the GLIC. The annual cost will be about $0.74 per acre-foot of reservoir water, $2.53 per <br />share, and less than $0.09 per acre-foot of water delivered. <br /> <br />The GLIC owns water rights and land in Larimer County, which might be used for collateral <br />for a CWCB loan. <br /> <br />Recommendation: We recommend that the Board adopt a motion: <br /> <br />1. That the Board finds that a delay in the rehabilitation of the main outlet at the Horseshoe #2 . <br />Reservoir would cause undue hardship for the water users, qualifying the Greeley and <br />Loveland Irrigation Company for a loan from the Small Project Loan Account. <br /> <br />2. That a loan from the Small Project Account of the Construction Fund, in a maximum amount <br />of $75,000, be approved for the Greeley and Loveland Irrigation Company to rehabilitate the <br />main outlet of the Horseshoe #2 Reservoir. <br /> <br />3. That the financing terms for this loan shall be at an annual percentage rate of 4.21 % for a <br />duration of 30 years. <br /> <br />4. That collateral for the loan shall be a security interest in the stream of income derived by the <br />Greeley and Loveland Irrigation Company from assessments, and other sufficient collateral as <br />determined by the CWCB Director. <br /> <br />5. That loan approval shall be contingent upon completion of the feasibility study, and upon all <br />standard contracting provisions of the CWCB. <br /> <br />6. That a grant from the Severance Tax Operational Account, in a maximum amount of $2,500, <br />not to exceed 50% of the total study cost, be approved for the Greeley and Loveland <br />Irrigation Company, to help pay for the cost of the feasibility study. <br /> <br />Attachments: (Project Summary, Descripfion of the GLIC, Map of Existing Facilities, Plan of Study, Letter Requesting Grant.) <br />cc: Linda Bassi. AGO <br />Bill Brown, eWeB <br /> <br />. <br /> <br />4 <br />