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<br />~ <br /> <br />Staff Recommendation <br /> <br />Staff recommends that the Board approve an increase of$194,081 ($192,159 for project costs <br />and $1,922 for the 1 % loan origination fee, in accordance with CWCB Financial Policy No. 16) . <br />from the Severance Tax Trust Fund Perpetual Base Account. The additional $194,081 increment <br />of funding would be for 20-years at the present blended lending rate of2.35% (The 30-year rate <br />would be 2.60%). The Company's amended total loan amount will be $505,000 ($500,000 for <br />the total project costs and $5,000 for the 1 % loan origination fee). Security for the loan will be a <br />pledge of Logan Irrigation District annual assessment levy revenues, in compliance with CWCB <br />Financial Policy No.5. <br /> <br />As per the original loan authorization, staff further recommends that final approval of the loan be <br />conditioned upon the following: <br /> <br />1. A special agreement among the three parties shall be executed that addresses specific <br />loan responsibilities of the parties, and recognizes CWCB as a 3rd Party Beneficiary. <br /> <br />2. The authority to assume the proposed indebtedness shall be approved by the Logan <br />Irrigation District electors in accordance with the applicable provisions ofthe Irrigation <br />District Law of 1905, C.R.S. 37-41-113(4) and c.R.S. 37-41-117), or as amended, at the <br />time of contract execution. <br /> <br />cc: Jim Yahn, Secretary - Manager, Logan Irrigation District <br />Vaughn McWilliams, CWCB <br />Amy Stengel, AGO <br /> <br />. <br /> <br />. <br /> <br />4 <br />