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C150087 Contract
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C150087 Contract
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Last modified
5/28/2013 8:47:40 AM
Creation date
10/6/2006 12:25:21 AM
Metadata
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Loan Projects
Contract/PO #
C150087
Contractor Name
Cedar Mesa Ditch and Reservoir Company
Contract Type
Loan
Water District
40
County
Delta
Bill Number
SPL
Loan Projects - Doc Type
Contract Documents
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contract limits ". Unforeseen site conditions, design modifications, and addirional work not <br />progranuned in the original cost estimate of the project, has required work that increases the total <br />estimated cost of the project and therefore justifies Cedaz Mesa Ditch and Reservoir Company's <br />requested $50,000 increased loan request. <br />FINANCIAL/COLLATERAL <br />The amended loan amount for the Cedar Mesa Ditch and Reservoir Company will be <br />$150,000, at an interest rate of 2.75 % for 30-yeazs. Their new annual payment will be $7,407.66. <br />The Company's current loan of $100,000 has an annual payment of $4,938.44. The Company's <br />current annual assessment of $25 per share will need to be increased to $40 per share to cover the <br />increased debt. <br />As security for the loan the Cedaz Mesa Ditch and Reservoir Company will pledge revenues <br />backed by assessment covenant and the project itself. The Cedar Mesa Aitch and Reservoir <br />Company owns Cedar Mesa Reservoir. The reservoir lies on Forest Service property with use <br />granted under the 1891 Department of Interior Act. This security is in compliance with Colorado <br />Water Conservation Boazd Policy No.S (Collateral). <br />CONCLUSION: <br />Based on our review of the original feasibility cost projections, the supporting <br />documentarion provided by the Cedar Mesa Ditch and Reservoir Company of additional cost <br />occurred to-date, inspection of the site, and overall financial strength of the Company, staff finds the <br />requested loan increase of $SQ000 to be economically, financially, and technically sound. <br />STAFF RECOMMENDATIOI�S: <br />Staff recommends that the Boazd approve an increase of $50,000 from the Construcrion <br />Fund for the Cedaz Mesa Reservoir Pmject for the Cedaz Mesa Ditch and Reserroir Company. The <br />addi6onal$50,000 increment of funding would be for 30-years at a lending rate of 2.75%. The total <br />funding level for this project would amount to $150,000, or 76% of the total project costs. As <br />collateral for the loan, the Cedaz Mesa Ditch and Reservoir Company pledges assessment revenues <br />backed by an assessment covenant and the project itself. <br />Staff fiuther recommends that the following conditions be met prior to entering into a <br />contract for the additional loan increment of funding: <br />1. That the Cedaz Mesa Ditch and Reservoir Company increase their annual assessments <br />from $25 per shaze to $40 per shaze starting in 2003. <br />2. Any collateral pledged for the loan shall be free of all liens and encumbrances. <br />3. The CWCB Construcrion Fund loan shall have parity status with any existing debt or <br />the Company with respect to a pledge of revenues. <br />4. The loan increase shall be contingent upon all standard contracting provisions of the <br />Colorado Water Conservation Boazd. <br />Action Taken bv the Colorado Water Conservation Board . November 26, 2002. <br />The Colorado Water Conservation Boazd approved staffrecommendations <br />
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