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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 12f. <br />November 25, 1996 <br /> <br />2 <br /> <br />Water diverted by the WVDC is used for agricultural purposes. The loan should thus be at the <br />"Agricultural" rate, to be set by the CWCB November 25, 1996. The Company has requested <br />a 10 year loan. <br /> <br />COLLATERAL <br /> <br />The CWCB can take a collateral interest in this stream of revenue from shareholder assessments. <br />The Company can also provide one payment in a certificate of deposit account, to be held by <br />the State Treasurer. <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That a Construction Fund Loan in an amount of $188,000 (not to exceed 75% of <br />actual project costs), be approved for The Weldon Valley Ditch Company to <br />rehabilitate the Company's diversion structure on the South Platte River, and <br /> <br />2. That the financing terms shall be" at an annual percentage rate equal to the <br />"Agricultural" rate for a 10 year loan, as set by the CWCB November 6, 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 security for the loan shall be a collateral interest in the stream of income <br />derived from shareholder assessments, and one payment in a certificate of deposit <br />account, to be held by the State Treasurer. <br /> <br />Action Taken bv the CWCR November 25.1996 <br /> <br />The CWCB approved the Staff Recommendation, with the exception of the loan <br />term, which was revised to 20 years at the request of the applicant. The interest <br />rate for the loan will be 3.5%. <br /> <br />Attachments <br />C :\wpSl \PROJ-NEW\ 12f.nov <br />