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<br />. <br /> <br />Upper Platte and Beaver Canal Company <br />March 21-22, 2002 <br /> <br />Agenda Item 10. <br />(Updated March 22, 2002) <br /> <br />Staff recommends an Emergency Loan not to exceed $83,000 to the Upper Platte and Seaver <br />Canal Company to rehabilitate their diversion structure on the South Platte River. The <br />recommended term of the loan is 10 years and the recommended lending rate is 2.25%. <br />Security for the loan will be a pledge of assessment revenues backed by assessment covenant <br />and the project itself, <br /> <br />Staff also recommends a $2,500 grant from the cwes Feasibility Study Small Grant Fund, to <br />pay for up to half of the cost of the Feasibility Study. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCS, <br /> <br />Action Taken by the CWCS March 22, 2002 <br />The CWCS approved the Staff Recommendation with the addition of the following statement: <br />"Loss of the diversion durinq sprinq runoff would mean water could not be delivered to water crops on <br />summer 2002." <br /> <br />cc: Philip Mortensen, President, Upper Platte and Beaver Canal Company <br />Jack Odor, P.E. <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\WP51\Proj-New\UPBCC 302memo; <br /> <br />L:\boardmem\July01\10 - MarD2 Upper Platte and Beaver <br /> <br /> <br />4 <br />