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...~ - , ".. r:......'_.. .. ~"l. Agenda Item 8a. January 28, 1998 Page 3 (Updated February 6, 1998) ST APP RECOMMENDATION The staff recommends: 1. That a Construction Fund Authorization in an amount of $450,000, not to exceed 85% of actual costs be recommended for the Riverside Reservoir and Land Company to construct an emergency spillway on the Riverside Reservoir, and to purchase BLM land within the reservoir basin and immediately adjacent to the reservoir, and 2. That the financing terms for this Construction Fund Authorization shall be at an annual percentage rate of 3.75% for a duration of 20 years, (which is the Agricultural rate for a 20 year loan, as set by the CWCB November 24, 1997), and 3. That loan approval shall be contingent completion of the Feasibility Study, and upon all standard contracting provisions of the CWCB, as determined by the CWCB Director, and 4. That collateral for the loan shall be a security interest in the stream of income derived by the Company from assessments, and other collateral to be determined, as approved by the CWCB Director, and 5. That a grant from the Small Dam Site Reconnaissance Fund, in a maximum amount of $2,500, not to exceed 50% of the total study cost, be approved for the Riverside Reservoir and Land Company, to help pay for the cost of the Feasibility Study. Action Taken bv the CWCB January 28. 1998 The CWCB approved the staff recommendation with the following additional conditions: a. The loan is contingent on placement of the land into conservation easement. b. The loan is contingent on the Riverside Reservoir and Land Company increasing assessments from $45 to $60 per share. c. The $2500 feasibility study grant may also come from the Severance Tax Operational Account. A llachmenlS D: \msword\Ri versidc97 -98.mcmo