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<br />!~ ---- <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Agenda Item 29i. <br />November 4, 1994 <br /> <br />3 <br /> <br />NOTE: On November 3, 1994 the Company's consultant provided an updated loan request <br />which narrowed the project, and reduced the requested loan amount to $500,000 (not to exceed <br />75% of the total project cost.) In addition, since the Company provides water exclusively for <br />agricultural purposes, the staff recommended an interest rate of 4.0% for this loan. The <br />following revised staff recommendation was presented to the board on November 4, 1994: <br /> <br />STAFF RECOMMENDATION (at the November 4. 1994 Board meeting): <br /> <br />1. That a construction fund loan in an amount of $500.000 (not to exceed 75% of <br />the total project cost) be approved for the Windsor Reservoir and Canal Company, <br />for canal lining and for rehabilitation of canal and reservoir structures, and <br /> <br />2. That the fmancing terms shall be 4.0% annual percentage rate, for a duration <br />of 30 years, and <br /> <br />3. That loan approval shall be contingent upon completion of the feasibility study, <br />and upon the determination that the selected project alternative is feasible, and <br /> <br />4. That loan approval shall be contingent upon staff evaluation of the Company's <br />fmancial condition and ability to pay, and upon all standard contracting provisions <br />of the CWCB. <br /> <br />ACTION TAKEN BY THE CWCB NOVEMBER 4, 1994: <br /> <br />The CWCB approved the revised staff recommendation exactly as presented at the <br />November 4, 1994 meeting. <br /> <br />~ <br /> <br />. <br /> <br />AtI3Chmatts <br />C:\wpSl\john\29i.nov <br />