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<br />STATE OF COLORADO <br /> <br />e <br /> <br />. (Revised) <br /> <br />Memorandum <br /> <br />Bill Owens <br />Govemor <br /> <br />GregE. Walcl1er <br />Executive Director <br /> <br />Dan McAuliffe <br />CWCB Director <br />(Acting) <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />FROM: Tim Feehan, P.E., Project Manager <br />Mike Serlet, P.E., Chief, Water Supply Planning and Finance Section <br /> <br />DATE: July 12, 2002 <br /> <br />SUBJECT: Agenda Item No. 17c, July 23-24, 2002, Board Meeting <br />Water Supply, Planning and Finance - Changes to Existing Loans <br />Town of Monument <br />Monument Dam Rehabilitation Project <br /> <br />INTRODUCTION <br /> <br />The Town of Monument, Colorado, is requesting an increase of $362,000 to the Town's <br />2001 authorization of$2,081,000 for the Monument Dam Rehabilitation Project. The requested <br />loan increase is due to cost overruns incurred during construction and additiomi.l work that has <br />been incorporated into the overall project. <br /> <br />BACKGROUND <br /> <br />At the January 2001 board meeting, the Colorado Water Conservation Board approved a <br />loan to the Town of Monument in the amount of $2,081,000, from the Severance Tax Trust Fund <br />Perpetual Base Account. The $2,081,000 authorization was for improvements to the dam to <br />address safety deficiencies identified by the State Engineer's Office, who indicated the dam to be in <br />very poor condition and in need of immediate repair. The improvements to the reservoir where <br />designed by Boyle Engineering, from Lakewood, Colorado, and are currently being constructed by <br />ASI RCC, Inc., from Buena Vista, Colorado. <br /> <br />An intergovernmental agreement (IGA) between El Paso County and the Town of <br />Monument was finalized on January 5, 2001, relieving the County of all responsibility of the dam <br />upon completion of the repair work and upon financial contribution towards the repair by the <br />County. Of the $3,081,000 estimated project cost, El Paso County will provide at least $1,000,000 <br />under the terms of the IGA between the Town and County. Therefore, the Town of Monument's <br />existing loan amount with the Colorado Water Conservation Board for the dam repair is $2,081,000, <br />at an interest rate of5.5% for 30-year. <br />