23c

• Board Meeting Date: 9/17/2008
• Description: CF Section - New Project Loans - WRCC, Inc. - Windsor Dam and Spillway Maintenance 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]
www.cwcb.state.co.us
Bill Ritter, Jr.
Governor
TO: Colorado Water Conservation Board Members
Harris D. Sherman
DNR Executive Director
FROM: Anna Mauss, PE
Jennifer L. Gimbel
Mike Serlet, PE, Chief
CWCB Director
Water Supply Planning & Finance Section
Dan McAuliffe
CWCB Deputy Director
DATE: September 9, 2008
Agenda Item 23c, September 16-17, 2008 Board Meeting
SUBJECT:
Water Supply Planning and Finance Section – New Project Loans
WRCC, Inc. – Windsor Dam and Spillway Maintenance Project
Introduction
WRCC, Inc. (Company) has reques ted a loan for 90% of the cost of its Big Windsor Dam and
Spillway Maintenance Project (Project). The Project involves da m crest maintenance, elimination of
an abandoned spillway, and spillway extension construction at Big Wind sor Reservoir with an
estimated cost of $1,413 ,000. See attached Project Data Sh eet for a location map and a project
summary.
Staff Recommendation
Staff recommends the Board approve a loan not to exceed $1,285,730 ($1,273,000 for project costs
and $12,730 for the 1% Loan Service Fee) to WRCC, Inc. for the Windsor Dam and Spillway
Maintenance Project from the Severance Tax Trus t Fund Perpetual Base Account. The terms of the
loan shall be a 30-year loan at a blended rate of 2.55% per annum. Security for the loan shall be in
compliance with CWCB Financial Policy #5.
Staff further recommends an additional contract condition requiring full payment of the Farmers
Bank bridge loan with proceeds from the CWCB funds.
Water Supply Protection • Watershed Protection & Flood Mitigatio n • Stream & Lake Protection • Water Supply Planning & Finance
Water Conservation & Drought Planning • In trastate Water Management & Development