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<br />Agenda Item 4c. <br />March 12, 1996 <br /> <br />2 <br /> <br />The UYWCD has committed up to $60K in the form of a grant, for the project. The remaining <br />cost will be funded by the CWCB loan, or from other sources. <br /> <br />The UYWCD is actively applying for two $20K grants, one from the CFSA and the other from <br />the Colorado River Water Conservation District. In addition, the shareholders on the ditch have <br />been asked to contribute up to $20K. This funding, if acquired, will reduce the size of the <br />CWCB loan. <br /> <br />Water diverted by the Cary'Ditch is used for agricultural purposes. The loan should thus be at <br />the "Agricultural" rate of 4.25% for 30 years, as set by the CWCB November 6, 1995. <br /> <br />The District needs to complete the reconstruction project prior to runoff in 1996, to allow <br />irrigation diversions in 1996 without need for the gravel diversion dikes and their associated <br />expense and negative impact. This loan may be from the Small Project Loan Account, because <br />the loan amount is not more than $100,000, and because the delay associated with General <br />Assembly approval would result in undue hardship on the borrower. <br /> <br />COLLATERAL <br /> <br />The CWCB can take a collateral interest in the stream of revenue from the UYWCD. The <br />District will be responsible to collect assessments from the Cary Ditch shareholders. (Options <br />for additional collateral will be discussed at the CWCB meeting.) <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That the CWCB finds that the Upper Yampa Water Conservancy District is <br />eligible to apply for a loan from the Small Project loan Account because the loan <br />amount does not exceed $100,000, and because delay in completing the project would <br />result in undue hardship on the Borrower, and <br /> <br />2. That a Small Project construction fund loan in an amount of $60,000, not to <br />exceed 75% of actual project costs, be approved for The Upper Yampa Water <br />Conservancy District to reconstruct the Cary Ditch Intake on the Yampa River, and <br /> <br />3. ,That the financing terms shall be at an annual percentage rate equal to <br />the "Agricultural" rate of 4.25% (as set by the CWCB November 6, 1995), <br />for a duration of 30 years, and <br />