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<br />-' <br /> <br />. <br /> <br />STAT~F COLORADO <br /> <br />, <br /> <br />Colorado Wate Conservation Board <br />Department ofNa a1 Resources <br /> <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver. Colorado 80203 <br />Phone (303) 866,3441 <br />FAX (303) 866-4474 <br /> <br />o <br /> <br />Roy Romer <br />Governor <br /> <br />MEMORANDUM <br /> <br />James $. Lochhead <br />Executive Director. DNR <br />Daties C. lile. P,E. <br />Director. C\VCB <br /> <br />TO: <br /> <br />FROM: <br /> <br />Colorado Water Conservation Board Members ~ /J <br />~/~~~ <br />Bill Green 1JG-- <br /> <br />DATE: <br /> <br />October 31, 1995 <br /> <br />SUBJECT: <br /> <br />/' <br /> <br />Agenda Item 17a., November 6-7,1995 Board Meeting, <br />Water Project Construction Loan Program, Requests for Approval on <br />Loans for Revised Projects, Morgan County Quality Water District <br /> <br />I <br /> <br />BACKGROUND <br /> <br />In January of this year, the Board recommended a Construction Fund loan of $4,26 million <br />for the Morgan County Quality Water District (MCQWD) to participate in the Southern Water <br />Supply Project. (For additional background information please see my memorandum to the <br />Board of January 23, 1995 for January Agenda Item 19 b.) The loan was subsequently <br />authorized by the General Assembly in HB 95.1155, <br /> <br />DISCUSSION <br /> <br />Two of the conditions the Board attached to loan approval were that: (1) the CWCB would <br />not provide funds for refinancing of existing District bonds, and (2) final approval would be <br />contingent upon satisfactory completion of the draft feasibility study with a detailed analysis <br />of at least one viable alternative to the Southern Water Supply Project (SWSP), <br /> <br />In January, the District entered into negotiations, for a second time, with the Northern Trust <br />Company of Chicago for the purchase of the Hay Gulch Wells, (The Hay Gulch Wells are <br />the District's main existing source of supply,) The District and the Northern Trust Company <br />have reached a mutually acceptable price of $3,132,500, <br /> <br />The purchase includes a section of land in the Hay Gulch basin, three wells currently leased <br />by the District, and a perpetual right to water from a fourth well for a total yield of 1,380 <br />acre. feet per year, Please see the attached project description, <br />