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<br />Town of DeBeque <br />January 23-24, 2007 <br />Page 4 of 4 <br /> <br />Agenda Item g.j <br /> <br />Staff Recommendation <br /> <br />. <br /> <br />Staff recommends the Board approve a loan not to exceed $252,500 ($250,000 for project costs and <br />$2,500 for the 1% Loan Service Fee) to the Town of DeBeque by and through its Irrigation System <br />Enterprise Fund for project costs, not to exceed 90% of the costs associated with the Irrigation <br />System Improvements Project, from the Severance Tax Trust Fund Perpetual Base Account. The <br />terms of the loan shall be a 30-year loan at 3.25% per annum. Final approval of the loan shall be <br />conditioned upon all standard contracting provisions of the CWCB Loan Program. Security for the <br />loan shall be collateral in compliance with CWCB Financial Policy #5. <br /> <br />Supplemental Loan Contract Conditions: <br /> <br />1) CWCB shall disburse loan funds at rate of 70% of submitted project invoices. <br /> <br />2) Prior to contract execution the Town of DeBeque shall approve a resolution to create the <br />Enterprise Fund. <br /> <br />Email copy: <br /> <br />Donald Cramer, Mayor <br />Carroll Aamold, PE, Aamold Engineering <br />Amy Stengel, AGO <br /> <br />Attachment: Water Project Construction Loan Program - Project Data Sheet <br /> <br />. <br /> <br />. <br />