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<br />:' <br /> <br />-' <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Construction Fund loan not exceed $7.5 million in total or approximately 88 percent of the <br />requested loan amount. The recommended loan structure is shown in Table 3. <br />Table 3. Recommended Loan Structure <br /> <br /> Loan Lending 30-Yr Est. Annual <br />Year Amount Rate CRF Pavment <br />1996 $3,125,000 5.75% 0.07073 $221,031 <br />1997 $4,375,000 5.25% 0.06693 $292,819 <br />Totals $7,500,000 5.46% NA $513,850 <br /> <br />RECOMMENDATION <br /> <br />Staff recommends: (1) that the Board grant final approval of the applicants' 1996 Construction <br />Fund loan request for $3,125,000 at a lending rate of5.75 percent for a term of30 years, and (2) <br />that the Board recommend to the General Assembly a Construction Fund loan in 1997 for an <br />additional $4,375,000 for the Eagle Park Reservoir Project at the 1997 municipal high income and <br />commercial lending rate of 5.25% and that the term of the loan would be for 30 years. <br /> <br />Staff further recommends the following conditions: <br /> <br />1. The loan applicants will withdraw their opposition and will consent to the decree negotiated in <br />Division 5, Case No. 92CW286. <br /> <br />2. The applicants and the staff of the Colorado Water Conservation Board will reach a mutually <br />acceptable agreement concerning the applicants' water rights exchange application in Division 5, <br />Case No. 95CW348. <br /> <br />3. The reclamation of the Eagle Park Reservoir site will be certified as acceptable by the Colorado <br />Division of Minerals and Geology and water from Eagle Park Reservoir will meet all applicable <br />water quality, health, safety, and environmental standards at the point of delivery of such water <br />into the East Fork of the Eagle River. <br /> <br />4. That the applicants will have in their possession and will maintain ownership of sufficient water <br />rights to provide a firm yield of no less than 1,500 acre-feet. <br /> <br />5, The loan will be secured by all shares of stock in the Eagle Park Reservoir Company with the <br />exception of those shares representing the first 500 acre-feet of firm yield owned by Vail <br />As. ,I} , J. , , . , . ~ , ",: .I I ..' 1 -. . <br />soclates. Y'- l.- .sl:. ,~,.' "_ . > !. . .',. . ,?o,...../ /:! .:- .', . ~ <br />.-' \ t <br />/ <br />6. The staff of the Colorado Water 'Conservation Board will have the opportunity to review and <br />comment on the purchase agreement between the Eagle Park Reservoir Company and Cyprus <br />Climax Metals Company prior to the time that agreement is consummated. <br /> <br />7. The loan will be subject to all standard contracting requirements of the CWCB. <br /> <br />5 <br />