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<br />Julesburg Irrigation District <br />November 20-21, 2000 <br /> <br />Agenda Item 14b. and 15a. <br />(Updated November 22, 2000) <br /> <br />Recommendation <br />Staff recommends that the CWCB find that the Julesburg Irrigation District is eligible for a loan <br />from the Small Project Loan Account. The Peterson Ditch drop structure at Lodgepole Creek has <br />been undercut and could fail during a flood, making it dangerous to operate. The Company is <br />eligible for a loan from the Small Project Loan Account, since delaying construction until fall 2001 <br />is dangerous and would result in an undue hardship on the Borrower. <br /> <br />Staff recommends a Small Project Loan not to exceed $100,000 to the Julesburg Irrigation <br />District to reconstruct the Peterson Ditch control structures at Lodgepole Creek. The <br />recommended term of the loan is 30 years and the recommended lending rate is the 30-year <br />loan rate for agricultural borrowers for 2001. Security for the loan will be a pledge of <br />assessment revenues backed by assessment covenant and other property of value at least <br />equal to the loan amount. The loan would be subject to ail other standard contracting provisions <br />of the CWCB. <br /> <br />Staff further recommends that the CWCB find that the Julesburg Irrigation District has <br />demonstrated significant and unexpected financial difficulties and that it has been duly diligent in <br />its efforts to comply with the repayment provisions of its contracts with the board. The CWCB <br />therefore allows refinancing of existing loan contract #153604 with terms of 5% for 40 years TO <br />terms of 4% for 30 years. <br /> <br />Action taken bv the CWCS November 20. 2000: <br />The CBCB approved the Staff recommendation with the following clarifications and revisions: <br />1. The interest rate for the new $1 OOK Small Project Loan will be 3.5%. <br />2. Loan C-153604 was approved for refinancing at terms of 3.5% for 30 years. <br /> <br />cc: Larry Frame, Julesburg Irrigation District, 315 Cedar Street, Julesburg, CO 80737 <br />Linda Bassi, AGO <br /> <br />Attachment <br />C:\WP51\Proj-NewlJulesburgID-Peterson1100memo; L:\boardmemlnovOO\14b. and 15a.-NovOO <br /> <br />6 <br />