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I. I I I I I I I I I I I I I I I I I I Agenda Item 12g. November 25, 1996 2 The CWCB loan will have an annual payment of about $1680/year. This amounts to only $88. SO/lot/year, and only $7.40 per month. The POA will lease raw water from the Mid Valley Metropolitan District under a long term agreement that has a duration equivalent to that of the CWCB loan. COLLATERAL The River Oaks POA is a Non-Profit Corporation in Colorado, and has the power to assess its membership for capital improvements. The CWCB will take a collateral interest in this stream of revenue from assessments. The POA can also provide one payment to be held by the State Treasurer. STAFF RECOMMENDATION The staff recommends: 1. That a construction fund loan in an amount of $25,500, be approved for the River Oaks on the Roaring Fork Property Owners Association, Inc. (not to exceed 75% of the total project costs), to construct a raw water irrigation system, and 2. That the financing terms shall be at an annual percentage rate equal to the "High Income" rate for a Municipality, as set by the Board November 25, 1996, for a duration of 30 years, and 3. That loan approval shall be contingent upon completion of the feasibility study, and upon all standard contracting provisions of the CWCB, as determined by the CWCB Executive Director, and 4. That collateral for the loan shall be an interest in the assessments collected by the Property Owner's Association to retire the debt, and a certificate of deposit account in the amount of one annual payment to be held by the state Treasurer. Action Taken by the CWCB. November 25.1996 The CWCB approved the Staff Recommendation, with the exception of the loan term, which was revised to 10 years. The interest rate for the loan will be 4.75%. (The CWCB commented that the feasibility study must address the issue of water rights, and/or the lease of long term water rights for the system.) Attachments C:\wp51 \PROJ-NEW\12g .nov