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~ CWCB, with the following additional conditions: 1) Prior to execution of a State . Contract, the District and the Enterprise shall comply with the terms of Section 6 of the Resolution establishing the Enterprise, and separate budgets for the Water Activity Enterprise and the District general fund, and shall provide financial reporting and fund accounting for the Enterprise Activity separate from the District general fund; 2) Prior to execution of a State Contract, the District shall enter into an agreement with the Enterprise to provide non-tax. based retained earnings necessary to: a) retire the DOLA and USDA-RD loans; b) establish the required CWCB loan reserve; and c) provide for the reallocation of revenues to the Enterprise following the retirement of the 2003 Revenue Bond in 2012; 3) Prior to execution of a State Contract, evidence shall be provided that a CWCB loan reserve fund has been established within the Enterprise, in the amount of$461,334; 4) Prior to execution of a State Contract, the Enterprise shall have entered into an agreement with Beaver Park Water, Inc., allowing the expansion of Brush Hollow Reservoir to accommodate the proposed project; 5) The District shall obtain a satisfactory Taxpayer's Bill of Rights (TABOR) attorney opinion letter and provide the letter to the CWCB, stating that there are no TABOR issues and that the agreements are fully enforceable by the Enterprise. The motion was approved unanimously (9-0). IOd. Water Supply Planning and Finance - Construction Fund and Severance Tax. Trust Fund Perpetual Base Account New Loans - Tom Hill- McElroy Dam Rehabilitation Project Tape 1, Track 2 00:45 :43 - 01 :25 :35 Action: A motion was made by Tom Sharp and seconded by Carl Trick to approve a loan not to exceed $862,540 ($854,000 for projected costs and $8,540 for the 1 % Loan Service Fee) to Tom Hill for land appraisal, engineering and construction costs .. associated with the McElroy Dam Rehabilitation Project, from the Severance Tax. .. Trust fund Perpetual Base Account. The terms of the loan shall be a 30-year loan at 2.5% per annum. Final approval of the loan shall be conditioned upon all standard contracting provisions of the CWCB Loan Program. Security for the loan shall be collateral in compliance with CWCB Loan Policy #5. A supplemental loan contract condition is included that the borrower shall provide a certified appraisal of the 207 acres ofland to be used as security for the loan. The appraisal shall indicate a value greater than 110% of the loan amount. If the appraisal indicates a value less than 110% and more than 90% of the loan amount, the CWCB shall take a second lien, behind the existing lien of the Grand Mountain Bank, on the remainder of the real property known as the Gore Pass Ranch and on all water rights now owned and hereafter acquired. The cost of the appraisal can be made out of the loan proceeds. In addition, if a second lien is required, the second lien on the entire ranch should also include a second lien on the water rights associated with the entire ranch. All liens held as collateral by CWCB should contain due-on-sale clauses so that if any of the lands or water rights encumbered by liens held by CWCB are sold, the proceeds accruing from such sales shall be transferred to the CWCB in accordance with the terms and conditions of the CWCB liens and shall be used to repay the CWCB loan. The motion was approved unanimously (9-0). Oe. Water Supply Planning and Finance - Construction Fund and Severance Tax. Trust Fund Perpetual Base Account New Loans - Platte Valley Irrigation Company- New Equalizer Reservoir Project .1 Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection Water Supply Protection. Conservation and Drought Planning 8