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STATE OF COLORADO <br /> <br /> <br />úÎÑÎËÜÙÎæÜÉØËúÎÏÊØËÇÜÉÔÎÏûÎÜËÙ  <br /> <br />ùØÍÜËÉÐØÏÉ  Î×ïÜÉÈËÜÑëØÊÎÈËÚØÊ  <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 /> <br /> <br />Bill Ritter, Jr. <br /> <br />Governor <br />TO: Colorado Water Conservation Board Members <br /> <br />Harris D. Sherman <br /> <br />DNR Executive Director <br />FROM: Kirk Russell , PE <br /> <br />Jennifer L. Gimbel <br /> Mike Serlet , PE, Chief <br />CWCB Director <br /> Water Supply Planning & Finance Section <br /> <br />Dan McAuliffe <br /> <br />CWCB Deputy Director <br /> <br />DATE: November 10 , 200 8 <br /> <br />Agenda Item 26a , November 18 - 19 , 200 8 Board Meeting <br />SUBJECT : <br /> Water Supply Planning and Finance Section New Project Loans <br /> <br /> Center of Colorado Water Conservancy District James Tingle Reservoir <br /> <br />Introdu ction <br /> <br />The Center of Colorado Wat er C onservancy District (District) is applying for a $ 450 ,000 loan as its <br />cost participation in the construction of the James Tingle Reservoir ( Project ) . The District has <br />partnered with the Centennial Water & Sanitation Di strict (Centennial) to construct the 400 acre - foot <br />th <br />Reservoir. The total Project cost estimate is $ 3,565,000 , and the District is responsible for 1/7 of the <br />$50 9 ,000 design and construction cost . The construction of the Reservoir is necessary in order to <br />maintain historical return flows to Michigan Creek as decreed for augmentation . This loan request is <br />for approximately 90 % of the District s obligation . See attached Project Data Sheet. <br /> <br />Staff Recommendation <br /> <br />Staff recommends the Board approve a loan not to exceed $ 454 ,5 00 ($ 450,000 for project costs and <br />$ 4,500 for the 1% Loan Service Fee) to the Center of Colorado Water Conservancy District for the <br />construction of the James Tingle Reservoir from the Severance Tax Trust Fund Perpetual Base <br />Account . The loa n terms shall be 1 0 year s at an interest rate of 3.5% per annum. This rate is <br />reduced by 0.5% from the current middle income m unicipal , 30 year , 4.0% interest rate . Security <br />for the loan shall be in compliance with CWCB Financial Policy #5. <br /> <br />Background <br /> <br /> <br />Th in <br />conjunction w ith the Upper South Platte WCD. The plan service area includes all of Park County <br />and portions of Jefferson , Douglas, Teller, and Clear Creek c ounties. The District will use the <br />Randall Ditch and the Sessions Ditch , which were adjudicated as a change from irrigation to <br />Watershed Protection & Flood Mitigation er Supply Plannin g & Finance <br /> <br />