C153804 Feasibility Study

• Contract/PO #: C153804
• Contractor Name: Left Hand Ditch Company
• Contract Type: Loan
• Water District: 5
• County: Boulder
• Bill Number: HB 95-1155
• Loan Projects - Doc Type: Feasibility Study

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LEFT IIAND DITCH COMPANY

RESOLUTION

A RESOLUTION REQUESTING STATE CONSTRUCTION FUNDING THROUGH THE
COLORADO WATER CONSERVATION BOARD FOR ENLARGEMENT OF THE SPILLWAY
CAPACITY AT LEFT HAND VALLEY RESERVOIR.

'Whereas, the Office of the State Engineer has ordered an
increase in the capacity of the spillway at Left Hand Valley
Reservoir to increase the public safety; and

Whereas, the Left Hand Ditch Company seeks to obtain the
most favorable financing of the project; and

Whereas, according to section 4 of Article VII of the By-
Laws/Articles of Incorporation of the Left Hand Ditch Company the
Board of Directors shall have the power "to borrow money on the
credit and responsibility of the Corporation, in such sums as
they may deem necessary or proper for all purposes previously
authorized by the stockholders of the Corporation"; and

Whereas, at the annual meeting of the stockholders of the
Left Hand Ditch Company held February 5, 1994 said stockholders
approved a motion authorizing the Board of Directors to take such
action as may be necessary to comply with the office of the State
Engineer's order to increase the spillway capacity of the Left
Hand Valley Reservoir including construction of an additional
spillway of roller compacted concrete and to approve and obtain
loans and/or other financing means necessary to finance the
project;

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE LEFT HAND DITCH COMPANY:

1. That the total estimated construction cost for
increasing the spillway capacity at Left Hand Valley Reservoir
including the actual construction and construction engineering is
$490,400.

2. That the Left Hand Ditch Company is applying to the
Colorado Water Conservation Board for $367,800.00 in State
construction loan funds to partially finance this project, said
funds to be repaid over a period of 30 years.

3.
remaining
period of

That the Left Hand Ditch Company proposes to borrow the
$122,600.00 through a bank loan to be repaid over a
15 years.

P.Q, Box 229 . Niwot. Colorado . 80544 . [phone] . Fa.'( [phone]