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<br />Riverside Reservoir and Land Co, Agenda Item 15b, <br />March 20-21, 2000 (Updated March 22, 2000) <br /> <br />Recommendation <br />Staff recommends a loan not to exceed $405,000 to the Riverside Reservoir and Land <br />Company for up to 90% of the costs to rehabilitate the Company's diversion structure on the <br />South Platte River. The recommended term of the loan is 30 years and the recommended <br />lending rate is 4% (standard terms for Agricultural borrowers in 2000.) Security for the loan will <br />be a pledge of revenues from assessments, one payment in a certificate of deposit account to <br />be held by the State, and the project itself. The loan would be funded from the Severance Tax <br />Perpetual Base Account. <br /> <br />Staff also recommends a grant to the Riverside Reservoir and Land Company for up to 50% of <br />the cost of the Feasibility Study, not to exceed $5,000. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon acceptance of the <br />project and the associated financial obligations by a vote of the shareholders of the Company, <br />and all standard CWCB contracting provisions. <br /> <br />Action taken bv the CWCS March 2. 2000 <br />The CWCB approved the Staff recommendation with the added provision that the loan be <br />included in this year's Construction Fund Bill (HBOO-1419.) <br /> <br />cc: Paul L. McDill, President, RRLC, 215 E. Kiowa, Fort Morgan, CO 80701 <br />Jack Odor, P,E., GASP, PO Box 974, Fort Morgan, OC 80701 <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\ WP51 \Proj- New\RiversideDiversion300memo L:\boardmem\marOO\ 15b-MarOO <br /> <br />4 <br />