PROJ00041

• Contract/PO #: C153348
• Contractor Name: Morrison, Town of
• Contract Type: Loan
• Water District: 9
• County: Jefferson
• Bill Number: SB 80-67
• Loan Projects - Doc Type: Contract Documents

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Colorado Water Conservation Board

Department of Natural Resources

721 State Centennial Bnilding
1313 Shennan Street
Denver. Colorado 80203
Phone [phone]
FAX [phone]

MEMORANDUM

STATE OF COLORADO

o

Roy Romer
Governor

(UPDATED May 9, 1994)

James S. Lochhead
Executive Director, DNR

TO:

Members, CWCB

Daries C. Lite. P .E.
Director. CWCB

FROM: John Van Sciver

DATE: February 25, 1994 (Previously January 6, 1994)

SUBJECT: Agenda Item 20b., March 8-9, 1994, Board Meeting--
Non-Amortized Loans - Establish Board Policy
(policy for Dealing with Fixed Interest Payment Loans (FIP Loans))

BACKGROUND and DISCUSSION:

This Board Memo was included in the January 19-20 Board Notebook, but was not presented due .
to time limitations.

Please refer to attached memo dated December 16, 1993.

STAFF RECOMMENDATION: The staff re<;ommends:

1. That a policy be adopted to allow any Borrower who currently has a Fixed
Interest Payment Loan (FIP) with the CWCB to prepay that loan at any time,
provided that the payoff amount will be the remaining principal balance from the
amortization schedule for a Fixed Interest Rate Loan (FIR) of the same original loan
amount, interest rate and term, and

2. That when a FIP loan is prepaid, the difference between the payoff amount
(established in 1. above) and the remaining principal balance shown on our books,
be credited to the interest account fllr that loan, and

3. That the CWCB Staff perform a one time analysis of all FIP loans to determine
the true status of interest and principal paid into the Construction Fund account,
had these loans been written as FIR loans.