10 ‎(7)‎

• Board Meeting Date: 7/19/2009
• Description: CF Section - New Project Loans - Farmer's Reservoir and Irrigation Company - Milton Reservoir and Barr Lake Improvements 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: (303) 866 - 3441
Fax: (303) 866 - 4474
www.cwcb.state.co.us
Bill Ritter, Jr.
Governor
TO: Colorado Water Conservation Board Members
Harris D. Sherman
DNR Executive Director
FROM: Anna Mauss, P.E.
Jennifer L. Gimbel
Mike Serlet, P.E., Chief
CWCB Director
Water Supply Planning and Finance Section
Dan McA uliffe
CWCB Deputy Director
DATE: July 14, 2009
Agenda Item 10, July 21 - 22 2009 Board Meeting
SUBJECT:
Water Supply Planning and Finance Section – New Project Loans
Farmers Reservoir and Irrigation Company – Milton Reservoir and Barr
Lake Improvements Project
Introduction
The Farmers Res ervoir and Irrigation Company (Company ) is applying for a $3,500,000 loan
from the CWCB to construct the Milton Reservoir and Barr Lake Improvements Project
(Project). The purpose of this Project is to replace the upstream outlet gate structure and repair
the piped outlet works through the dam at Milton Reservoir, enlarge the existing spillway at
Milton Reservoir, and enlarge the existing spillway and raise the perimeter dike at Barr Lake.
The estimated total cost of the project is $3,8 44 ,000. See the attached Project Data Sheet for a
location map and project summary.
Staff Recommendation
Staff recommends the Board approve a loan not to exceed $3,535,000 ($3,500,000 for project
costs and $35,000 for the 1% Loan Service Fee) to the Farmers Reservoir and Irrigation
Company to construct the Milton Reservoir and Bar r Lake Improvements Project from the
Construction Fund. The loan terms shall be 30 years at a blended rate of 3.7% per annum.
Security for the loan shal l be in compliance with CWCB Financial Policy #5.
Water Supply Protection • Watershed Protection & Flood Mitigation • Stream & Lake Protection • Water Supply Planning & Financ e
Water Conservation & Drought Planning • Intrastate Water Management & Develo pment