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<br />,- <br /> <br />Agenda Items 19c, 19d, 19f <br />January 25, 1995 <br /> <br />3 <br /> <br />Total Municipal Shares <br />Total Agricultural Shares <br />Total ditch shares <br /> <br />1919.147 <br />2458.453 <br />4377.6 <br /> <br />The Municipal shares will carry an interest rate of 5.5 % because the MHI (Median Household <br />Income) for the municipal users exceeds 110% of the State MHI of $30,140. The Agricultural <br />shares will carry an interest rate of 4.0% <br /> <br />The weighted average rate is 4.7% as follows: <br />(1919.147 Sh/4377.6 Sh) (5.5%) + (2458.453 Sh/4377.6 Sh) (4.0%) = 4.7% <br /> <br />STAFF RECOMMENDATION #2 <br /> <br />The staff recommends: <br /> <br />That the interest rate for the loan to the Goodhue Ditch and Reservoir Company <br />shall be a 4.7% annual percentage rate. <br /> <br />ACTION TAKEN BY THE CWCB JANUARY 25. 1995: <br /> <br />The CWCB approved the staff recommendation as presented. <br /> <br />3) Castle Pines North Metro District <br /> <br />Two Construction Fund Loans were approved by the Board in November; an Emergency loan <br />in amount of $100,500 for 1 year, and a standard loan in amount of $301 ,500 for 15 years. The <br />purpose of these loans is the rehabilitation 3 district wells. <br /> <br />ACTION TAKEN BY THE CWCB NOVEMBER 4.1994: <br /> <br />The CWCB approved the Staff Recommendation as written. The CWCB asked that the interest <br />rate be verified, based on Median Household Income (MHI). The MHI was not available for <br />the Castle Pines North Metro District; however, the MHI for area municipalities (Castle Rock <br />$38,045, and Parker $42,588) both exceed 110% of the Statewide MHI ($30,140), indicating <br />a 5.5% rate for a 30 year loan. A 5% rate is therefor appropriate for the requested shorter 15 <br />year term. <br />