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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Municipal Low Income lending rate (see Table 1) which is identical to the Agricultural <br />rate, it was not necessary to calculate a weighted lending rate. <br /> <br />The Company has an existing Construction Fund loan with a balance of about $100,000 <br />and the status of the loan is current. <br /> <br />As security for the loan the Company has indicated it is willing to pledge revenues from <br />assessments as well as the dam and reservoir and 1,040 acres ofland owned by the <br />Company. <br /> <br />Permittinl!: <br />Preliminary discussions with the Corps of Engineers indicate that the proposed dam <br />modifications would qualifY for a Nationwide 404 Permit under the Clean Water Act <br />which would greatly simplifY the permitting proc~ess. t p ~' <br />(tor 011 ,?f o~o ~& <br />Recommendation UJ'" f <br />, <br />Staff recommends a loan not to exceed $734,009\to the DeWeese-Dye Ditch and <br />Reservoir Company for the rehabilitation of DeWeese Dam. The recommended term of <br />the loan is 30 years and the lending rate would be that rate approved by the Board for <br />Agricultural and Municipal Low Income borrowers in 1998. As security for the loan, the <br />DeWeese-Dye Ditch and Reservoir Company will pledge revenues from assessments as <br /> <br />well as the dam and reservoir ~l~:;~t ~lp~~~y ~ py(X)dJ <br /> <br />Staff further recommends that final approval of the loan be conditioned upon acceptance <br />of the project and the associated financial obligations by a vote of the shareholders of the <br />Company. <br /> <br />cc: <br /> <br />Ron Dom, DeWeese-Dye <br />Mike Graber, Division 2 <br />Brian Johnson, GEl <br />Linda Bassi, AGO <br /> <br />Attachments <br /> <br />4 <br />