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<br />(3,/1&. <br /> <br />~IATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br /> <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br />Q <br /> <br />March 5,2001 <br /> <br />Bill Owens <br />Covernor <br /> <br />Greg E. 'vVi1icher <br />Executive Director <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />Hon. Leon W, Tenney, Mayor <br />Town of Monument <br />P.O. Box 325 <br />Monument, Colorado 80132 <br /> <br />Re: Monument Lake Dam Rehabilitation Project Loan <br /> <br />Dear Mayor Tenney: <br /> <br />I am pleased to inform you that, at the January 24,2001 meeting of the Colorado Water <br />Conservation Board, the Board recommended a loan of up to $2,081,000 from the <br />Perpetual Base Account ofthe Severance Tax Trust Fund to the Town of Monument and <br />the Town's water enterprise for the Monument Lake Dam Rehabilitation Project. The <br />term of the loan is for 30 years and the approved lending rate is 5.50 percent. <br /> <br />The Board's action on the $2,081,000 loan request will be included in the year 2001 <br />CWCB Water Projects Bill and is subject to authorization by the General Assembly. If <br />authorized by the General Assembly, the loan funds should be available in June of 2001. <br /> <br />As security for the loan, it is expected that the Town's enterprise fund will pledge water <br />system revenues backed by a rate covenant and annual financial reporting. <br /> <br />The Board's recommendation for funding is conditioned upon the following: <br /> <br />1. The design of the project is approved by the Colorado Division of Water Resources; <br /> <br />2. All required permits are obtained; and <br /> <br />3. The Town board and the board of the water enterprise fund adopt resolutions <br />approving the loan and the pledge of revenues. <br /> <br />Please coordinate with J an Illian ofthis office on all matters related to contracting. She <br />will be responsible for drafting and processing of con~,act documents. No funds may be <br />disbursed until a fully executed contra:::t is in place. <br /> <br />Tim Feehan ofthis office will be responsible for reviewing the project plans and <br />specifications and for all matters related to project construction including approval of <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />