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<br />Agenda Item 7a. <br />May 14, 1996 <br /> <br />2 <br /> <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 />floods. In addition, the Company spent about $14K for emergency flood damage repairs, and <br />to prepare the site for construction. The requested loan is 74 % of the total costs. related to this <br />project. <br /> <br />The Company would like to maintain the annual payment below $3500, and are requesting the <br />loan terms be revised to 4% for 20 years. (This is the CWCB standard loan rate for a 20 year <br />agricultural loan.) The loan payment will be $3310 per year. <br /> <br />COLLATERAL <br /> <br />The CWCB will take a collateral interest in the stream of revenue from shareholder assessments. <br /> <br />The CWCB will also take a collateral interest in the stream of revenue from the running fees <br />charged to Pioneer Water and Irrigation, for ground water recharge. <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />That the CWCB ratify the March 12, 1996 Small project loan approval to the <br />Tremont Mutual Ditch Company, including all the conditions of that <br />approval, with the exception that the loan amount shall be $45,000 (not to <br />exceed 75% of the actual total projects cost) at 4% interest, for 20 years. <br /> <br />AttachmentS <br />C:\wp51\PROJ.NEW\7a.may <br />