consent 3a

• Board Meeting Date: 3/18/2008
• Description: CF Section – Changes to Existing Loans - Bijou Irrigation Company - Diversion Rehabilitation Project
• Board Meetings - Doc Type: Memo

STATE OF COLORADO
Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]
TO: Colorado Water Conservation Board Members
FROM: Tim Feehan, P.E., Project Manager
Mike Serlet, P.E., Chief
Water Supply Planning and Finance Section
DATE: March 11, 2008
SUBJECT: Consent Agenda, Item 3a, March 18-19, Board Meeting
Water Supply Planning and Finance -Changes to Existing Loans
Bijou L•rigation Company - Diversion Rehabilitation Project
Bill Ritter Jr.
Go~-emor
Harris D. Sherman
DNR Executiae
Director
Jeruufer L. Gimbel
ewes Director
Dan McAullife
CWCB Deputy
Director
Introduction
At the May, 2005 Board Meeting, the Board authorized staff to present revisions to existing
loans totaling less then 20% of the original loan as Consent Agenda Items. The Bijou Irrigation
Company loan increase presented below is less than 20%.
The Bijou Irrigation Company (Company) is requesting an increase of $45,450 to their
September 2007 authorization of $763,560 for the Diversion Structure Rehabilitation Project.
The requested loan increase is due to $45,000 in cost overruns for bladder gates, measurement
devices, and electrical and concrete work, as summarized on the attached letter.
Staff Recommendation
Staff recommends that the Board approve an increase of $45,450 ($45,000 for project costs and
$450 for the 1% Loan Service Fee) from the Severance Tax Trust Fund Perpetual Base Account.
The Company's amended total loan amount will be $809,010 ($801,000 for the total project
costs and $8,090 for the 1% loan origination fee) at the Company's current interest rate of 2.25%
for 30-years. Security for the loan will be a pledge of Bijou Irrigation Company's annual
assessment tax revenues, in compliance with CWCB Financial Policy No. 5.