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STATE OF COLORADO <br /> <br /> <br />úÎÑÎËÜÙÎæÜÉØËúÎÏÊØËÇÜÉÔÎÏûÎÜ ËÙ  <br /> <br />ùØÍÜËÉÐØÏÉÎ×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 and Finance Section <br /> <br />Dan McAulif fe <br /> <br />CWCB Deputy Director <br /> <br />DATE: November 10 , 200 8 <br /> <br />Agenda Item 26d November 18 - 19 , 200 8 Board Meeting <br />SUBJECT : <br /> Water Supply Planning and Finance Section New Project Loans <br /> <br /> Yuma County Water Authority Public Improvement District North Fork <br />Water Righ ts Purchase <br /> <br />Introduction <br /> <br />The Yuma County Water Authority Public Improvement District ( Yuma County PID ) is requesting <br />a loan from the CWCB in the amount of $ 9.5 million to finance the North Fork Water Rights <br />Purchase (Project) . The loan represents appro ximately 1/2 of the negotiated purchase price of $ 20 <br />million f or the purchase w ith the remainder coming from other sources. The Project is needed in <br />order to settle a lawsuit threatening to impact the Northern High Plains Designated Ground Water <br />Basin boun dary and therefore threaten the Republican River <br />( Republican District) ability to as well as <br />maintain a vital agricultural economy in the eastern plains of Colorado . Closi ng of the water right <br />purchase is scheduled for December 30, 2008. See attached Project Data Sheet for a location map <br />and a project summary. <br />Staff Recommendation <br /> <br /> <br />Staff recommends the Board approve a loan not to exceed $ 9,595 ,000 ($ 9,5 00,000 for P roject c osts <br />and $ 95, 000 for the 1% Loan Service Fee) to the Yuma County Water Authority Public <br />Improvement District for the purchase of surface water rights in the North Fork of the Republican <br />River using funds from the Severance Tax Trust Fund Perpetual Base Acc ount. The loan amount <br />shall not exceed 90% of Project expenses. The loan terms shall be 20 year at an interest rate of <br />2. 25 % per annum. Security for the loan shall be in compliance with CWCB Financial Policy 5. <br />Watershed Protection & Flood Mitigation er Supply Planning & Finance <br /> <br />