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<br />.. <br /> <br />~ <br /> <br />-<. <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: 13031866-3441 <br />FAX: 13031 866-4474 <br /> <br />STATE OF COLORADO <br /> <br />- <br /> <br />Roy Romer <br />Covernor <br /> <br />James S. Lochhead <br />Executive Director, DNR <br /> <br />Oaries C. Lile, P.E. <br />Oiredor, eweB <br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />William p, Stanton, P,E, \}J\" <br />Chief, Project Planning and Construction Section <br /> <br />FROM: <br /> <br />DATE: <br /> <br />April 28, 1998 <br /> <br />SUBJECT: <br /> <br />Agenda Item 23b, May 11-12, 1998, Board Meeting- <br />Water Project Construction Loan Program - General and Financial Matters <br />Delinquent Payments <br /> <br />Staff has identified the Town of Starkville and the Coon Creek Reservoir and Ditch Company as <br />being delinquent in making payments on Construction Fund loans, <br /> <br />· In November 1997 the Board approved a request by the Town of Starkville for a deferment <br />of their 1997 payment. The restated balance of their loan is $165,581. An election was held <br />on April 7, 1998, and 70% of the old town board was re-elected, The town has been working <br />on an ordinance to raise the water rates to cover expenses and debt service, CWCB staff is <br />in the process of drafting an amendment to their contract. <br /> <br />· In 1989, the Coon Creek Reservoir and Ditch Company borrowed $55,000 at 5,0% interest <br />over 25 years to rehabilitate Coon Creek Reservoir Dams No, 1 and No, 2 located in Mesa <br />County, The annual payment is $3,902,25 due in September. Their first payment was due <br />in September 1991. However, payments from the beginning were typically 6 to 9 months late, <br />-:-::ey paid $1.500 July 1997, which was credited toward interest on their 1996 payment. Then <br />they paid $2,000 in January 1998 which, as instructed by accounting, was applied first to pay <br />off interest in 1996 and then towards interest in 1997, Thus the company is delinquent by <br />$1,470,81 for the principal on their 1996 payment, $1,289,34 remaining in interest on their <br />1997 payment and $1,544,35 for principal and on their 1997 payment, The balance due on the <br />loan remains at $48,632,09, ' <br /> <br />L:IBOARDMEMIMA Y98123B,DOC <br />