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<br />Willow Heights Irrigation Company, Inc. <br />May 19-20, 2003 <br /> <br />Agenda Item lad <br /> <br />recommended lending rate is 3.75% per annum Security for the loan will be a pledge of assessment <br />revenues backed by assessment covenant and the project itself. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCS, including the 1 % loan origination fee in accordance with <br />cwes Policy #16. The maximum loan amount may be increased to $104,535 if the borrower <br />elects to finance the 1 % loan service charge. <br /> <br />cc: Maney Duclo, President, Willow Heights Irrigation Company, Inc. <br />Unda Bassi, AGO <br /> <br />Attachment <br /> <br />Action Taken by the CWCS on March 26, 2003 <br /> <br />The ewes approved the Staff Recommendation with following revision to last sentence in the first <br />paragraph (revision in italics): <br /> <br />Security for the loan will be a pledge of assessment revenues backed by assessment covenant <br />and the project itself, including water rights and property owned. <br /> <br />Page 5 of6 <br />