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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Agenda Item 120. <br />November 25, 1996 <br /> <br />3 <br /> <br />2. That the financing terms shall be at the "Agricultural" rate for a 30 year loan, <br />to be set by the CWCB November 25, 1996, and <br /> <br />3. That loan approval shall be contingent upon completion of the feasibility study, <br />and upon all standard contracting provisions of the CWCB, as determined by the <br />CWCB Director, and <br /> <br />4, That the loan funds may be used to refinance a project that has already been <br />completed in winter 1996/1997, if approved by the CWCB Director, and <br /> <br />5, That security for the loan(s) shall be a collateral interest in the stream of income <br />derived from shareholder assessments, and a certificate of deposit account in the <br />amount of one annual payment to be held by the State Treasurer. <br /> <br />Action Taken bv the CWCB. November 25.1996 <br /> <br />The CWCB approved the Staff Recommendation without revision. The interest rate <br />for the loan will be 3.75%. <br /> <br />The CWCB also approved a grant in amount of $1360 from the Small Dam Site <br />Reconnaissance Program to help fund the feasibility study. (This was item 10c. on <br />the agenda.) <br /> <br />Attachments <br />C:\wp51 \PROJ-NEW\12o. nov <br />