Laserfiche WebLink
<br />.j <br /> <br />of LA WMA's borrowing (which would now amount to somewhat more than $6.0 million) before <br />making a final recommendation to the Board in May of this year. <br /> <br />RECOMMENDA nON <br /> <br />Staff recommends the following: <br /> <br />1. That the Board recommend to the General Assembly an amendment to SB 97-008 for <br />a transfer from the moneys available in the Construction Fund to the Arkansas <br />River Augmentation Loan Account of the Construction Fund in the amount of <br />$2,000,000. <br /> <br />-+- <br /> <br />2. That the Board authorize funds be released from the escrow account in an amount <br />sufficient to meet LA WMA's April 14, 199] "earnest money" requirement (up to <br />$700,000) for the Highland Irrigation Company shares upon the condition that the <br />moneys so released be entirely refundable to the escrow account in the event that the <br />Highland shares purchase does not close for any reason and that the CWCB <br />maintain its security interest in the released funds, <br /> <br />3. That the Board authorize a subsequent release of all of the funds in the escrow account <br />to LA WMA for the May 30, 1997 closing on the 2,702 Highland Irrigation Company <br />shares to be acquired this year conditioned upon a finding by the Board at the May <br />1997 meeting that the proposal outlined in this memorandum is economically, <br />financially, and technically feasible and that LA WMA meets all of the <br />requirements for a loan from the Arkansas River Loan Account as set forth in <br />C.R.S. 37-160-130(3). <br /> <br />cc: William Grasmick, LA WMA <br />Don Higbee, LA WMA <br />Amelia Whiting, Moses, Wittemeyer, Harrison and Woodruff <br />Duane Helton, Helton & Williamsen <br />Linda Bassi, AGO <br /> <br />4 <br />