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<br />. <br /> <br />. <br /> <br />Agenda Item 28d. <br />November 4, 1994 <br /> <br />2 <br /> <br />Total Project Cost <br />Less Association cost-share <br />Less 1994 Authorization <br /> <br />1,087,000 <br />(337,000) <br />(350.000) <br /> <br />Additional Authorization <br /> <br />$ 400.000 <br /> <br />DISCUSSION <br /> <br />The existing $350,000 authorization is at 4 % interest, for 30 years. <br /> <br />The enlarged reservoir will have a capacity of 1010 acre feet, an increase of 100 acre feet over <br />its existing size. <br /> <br />Plans and Specifications for the project must be approved by the State Engineer. <br /> <br />A representative from Woodward-Clyde will be present at the CWCB meeting to discuss the <br />results of the feasibility study, and to answer questions. Their summary letter is attached. <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That a $400,000 increase in loan authorization be approved for the Vouga <br />Reservoir Association for the purpose of rehabilitation of an enlargement of <br />the Vouga Reservoir Dam, and to allow the Association to refinance an <br />existii1g loan with the Wichita Bank in amount of approximately $75,000, and <br /> <br />2. That the terms for this increased authorization shall bea 5.5% annual <br />percentage rate, for a term of 30 years, and <br /> <br />3. That approval of the increased authorization shall be contingent upon <br />completion of the feasibility study now in progress, and a fmding that the <br />project is feasible, and <br /> <br />4. That the total amount loaned for the entire project by the CWCB shall <br />not exceed 75% of total project costs, and <br /> <br />5. That this approval shall be cOlItingent upon staff evaluation of the <br />Association's fmandal condition and ability to pay, and upon all standard <br />contracting provisions of the CWCB. <br />