Laserfiche WebLink
<br />\ <br />" <br />, <br /> <br />'. <br /> <br />STATE Qf COLORADO <br /> <br />} <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone, (303) 866.3441 <br />FAX: (303) 8664474 <br /> <br />l <br />'\ (};u-tO <br />Gt <br /> <br />MEMORANDUM <br /> <br />i) <br /> <br />e <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E.Walcher <br />Executive Director <br /> <br />TO: <br /> <br />FROM: <br /> <br />Colorado Water Conservation Board Members <br />/i2 L./ Peter H. Evans <br />: J.-J t:!" ewes Director <br />Bill Green, P.E., Water Supply Planning and Finance Section S <br /> <br />Mike Serlet, P.E., Chief, Water Supply Planning and Finance sect~ Dan McAuliffe <br />Deputy Duector <br /> <br />January 12,2000 <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Agenda Item 11 c., January 26-27, 2000 BOl1rd Meeting - Water <br />Supply Planning and Finance - Changes in Existing Loans - <br />Consolidated Mutual Water Company - Fortune Reservoir Project <br /> <br />Introduction <br /> <br />e <br /> <br />The Consolidated Mutual Water Company (Company) of Lake wood is requesting an increase of <br />$63 million in the Company's 1999 authorization for the Fortune Reservoir Project. Please see <br />the attached project summary sheet and a letter from Walter Welton, the President of <br />Consolidated Mutual. <br /> <br />Backl!round <br /> <br />At the January 27, 1999 Board meeting, the Board recommended a ConstrUction Fund loan of <br />$10.0 million to the Consolidated Mutual Water Company for the Fortune Reservoir Project. The <br />loan was subsequently authorized by the legislature in SB 99- I 73. <br /> <br />A condition of loan approval was the completion of a feasibility study. The feasibility study was <br />prepared by BBC Research and Consulting (BBC) of Denver and was accepted by the CWCB <br />staff in October of last year. BBC also prepared an updated financial analysis for this additional <br />funding request. <br /> <br />A loan contract with the Company for $10.0 million was executed in December 1999. The term <br />of the loan is ten years and the lending rate is 4.75 percent. <br /> <br />Property acquisition, pennitting and engineering design work have been completed. Plans and <br />specifications for the project were approved by the State Engineer's Office in November 1999. <br />Construction is underway and the project is scheduled for substantial completion in March 2002. <br />