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<br />BRISCOE STANWAV & HARPER PC <br />,,". <br /> <br />........-'.,..'-'.c=.T...~J.O <br />("-'~~\ <br />, <br /> <br />A 1'1 ACHMENT <br />Agenda Item CFd <br />January 19, 1994 <br /> <br />" /' <br /> <br />Colorado Water Con..rvation Bo,rd <br />January 6, UU <br />paq. 2 <br /> <br />For comparison, consider that II. 1% interest rate would require <br />annual payments of about $2,825.00 for 40 years, that a 2% interest <br />rate would require annual payments of about $3,390.00 for 40 years, <br />and that a 3% interest rate would require annual payments of about <br />$4,010.00 for 40 years. As you can see, reducing the interest rat. <br />to 0% for 40 years repayment would make approximately $3,080.00 of <br />the debt repayment obligation of the Lone Cabin Ditch and Reservoir <br />Company available for payment towards the debt repayment obligation <br />of Beaver Reservoir Company on its requested $343,000.00 loan. <br /> <br />Under the present proposed terms for the $343,000.00 loan to <br />the Beavsr Reservoir Company, ~ith interest at 3~t per annum over <br />30 years of payments, the share of the payment due from the Lone <br />Cabin Ditch and Reservoir Company would be $3,750.00 per year. If <br />the Colorado Water Conservation !loard would permit the _Beaver <br />Reservoir Company to repay the $343,000.00 either at 3% per annum <br />interest for 40 years or 2% per annum interest tor 30 years, the <br />payments would be approximately $16,500.00 per year, of which about <br />$3,100.00 would be Lon. Cabin'9 share. <br /> <br />We feel that the State ot Colorado will be better aerv.a if <br />the Beaver Reservoir Company remains responsible for making- the <br />repairs and repaying the borrowed sums, rather than the State <br />Engineer's office having to incur the large expense of breaching <br />the dam. We want to participate in the repairs and loan repayment <br />by the Beaver Reservoir Company. <br /> <br />In conclusion, the Lone Cabin Ditch ana Reservoir company <br />requests that its loan barms of encumbrance No. C-153517 be <br />refinanced to reflect a 0' interest rate payable $2,320.00 per year <br />for 40 years. We further request reconsideration of the terms <br />offered to the Beaver Reservoir Company and that a $343,000.00 loan <br />be approved at a lesser interest rate ana longer term of payment so <br />as to permit the repair project to proceed on a financially <br />feasible basis. <br /> <br /> <br />J"RBjmp <br /> <br />xc: Tyler Martineau <br />Jim Johnson <br />Beaver Reservoir Company <br />