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<br />, <br /> <br />. <br /> <br />. <br /> <br />'.. <br /> <br />STATA COLORADO <br /> <br />o <br /> <br />... - <br />',. <br /> <br />< <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />721 Slate Centennial Building <br />1313 Sherman Street <br />Denver. Colorado 80203 <br />Phone (303) 866-3441 <br />F!\X (303) 8664474 <br /> <br />Roy Romer <br />Governor <br /> <br />James S. Lochhead <br />Executive Director. DNR <br /> <br />MEMORANDUM <br /> <br />Daries C. Lile, P.E. <br />Director, CWCB <br /> <br />TO: CWCB Members <br /> <br />FROM: Bill Stanton, P.E., Acting Section Chief <br />Construction Section <br /> <br />SUBJECT: Agenda Item 24c, Water Project Construction Loan Program <br />Financial Matters, Delinquent Paynients <br />November 3-4, 1994 Board Meeting <br /> <br />DATE: October 20, 1994 <br /> <br />Introduction <br /> <br />As of October 14, 1994, there were seven borrowers out of the 120 loans who have <br />missed one or more payments, The total amount outstanding is $53,952. One payment is up to <br />1'6 months overdue. The attached memo from Betsy Bartlett lists these delinquent payments. <br /> <br />Background <br /> <br />Each month before the annual payment is due, we send out a reminder letter to each <br />entity. When a borrower fails to make a payment, we follow up with a phone call which usually <br />takes care of the problem. During the past year and a half when we were understaffed, this <br />follow up task was not as vigorously pursued as we would have liked. Now that staff has been <br />replaced, we are back on track. <br /> <br />All of the entities except Starkville were recently contacted to determine the reason why <br />their payment was late. Most entities have responded with embarrassment and all have agreed <br />to make their payments within a few weeks. As of the date of this memo, we have been unable <br />to make direct contact with the Town of Starkville. <br /> <br />The Town of Starkville has had a consistently poor repayment history. In 1977, the town <br />borrowed $4,000 for half the cost of a feasibility study, and in 1982 they borrowed an additional <br />$196,000 for construction of their domestic water supply system. The total cost of the project <br />was estimated at $500,000. Forty annual payments of $7,312 were due on June I starting in <br />1983. Security for the loan is the master tap, one underground concrete meter vault, one 6-inch. <br />