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PROJC01613
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PROJC01613
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Last modified
4/26/2011 10:01:18 AM
Creation date
10/6/2006 12:26:13 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C153307
Contractor Name
Overland Ditch and Reservoir Company
Contract Type
Loan
Water District
40
County
Delta
Bill Number
SB 77-35
Loan Projects - Doc Type
Contract Documents
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<br />: <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone: 13031 866.3441 <br />FAX: 13031866-4474 <br /> <br />STATE ~ COLORADO <br />- <br /> <br />Roy Romer <br />Governor <br /> <br />MEMORANDUM <br /> <br />J~mes S. Lochhead <br />Executive Director, D~R <br /> <br />Dilries C. Lile, P.E. <br />Director, eWeB <br /> <br />TO: Colorado Water Conservation Board Members <br /> <br />FROM: William P. Stanton, P.E. \1J~' <br />Chief, Project Planning and Construction Section <br /> <br />DATE: July 17, 1997 <br /> <br />SUBJECT: Agenda Item 13a, July 21-22,1997, Board Meeting- <br />Water Project Construction Loan Program <br />Modifications to Previous Loan Authorizations <br />Overland Ditch and Reservoir Co. - Request for Deferment of Payment <br /> <br />T ntroduction <br /> <br />The directors of the Overland Ditch and Reservoir Company of Hotchkiss, Colorado have <br />requested a defennent of their December 1997 CWCB loan payment. The Board has the statutory <br />authority under Section 37-60-120 (3), CRS, to make the requested deferment provided the <br />borrower has encountered significant and unexpected financial difficulties, and that it has been <br />duly diligent in its efforts to comply with the repayment provisions of its contract with the Board. <br /> <br />Backg.tound <br /> <br />On January 29, 1997, the Overland Ditch and Reservoir Company settled their case against <br />the U.S. Forest Service (C.A. No. 96-N-797, U.S, District Court, Colorado) which was <br />attempting to impose by-pass flows on Overland Reservoir. A letter from Mr. Peter Casper, <br />Overland President, dated March 14, 1997, regarding the settlement and their initial request for <br />financial assistance from the Board, is attached to this memo. <br /> <br />The litigation moved more quickly than anticipated which caused legal expenses to mount more <br />quickly. Even with assessments and contributions from the Colorado River Water Conservation <br />District, the remaining legal fees associated with the law suit are estimated to be between $30,000 <br />and $35,000, These legal fees continue to grow, but at a much slower rate, as the company is still <br /> <br />I <br />
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