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<br />Ogilvy Irrigation and Land Co. <br />July 28-29. 2003 <br /> <br />Agenda Item 21c <br />(Updated August 4, 2003) <br /> <br />Recommendation <br />Staff recommends a CWCB Small Project loan from the Construction fund in amount of <br />$350,000, to the Ogilvy Irrigation and Land Company to rehabilitate the Seeley Lake Reservoir <br />Dam. The recommended term of the loan is 20 years and the recommended interest rate is <br />2.25% (2.359% Annual Percentage Rate.) Security for the loan will be a pledge of assessment <br />revenues backed by assessment covenant and the project itself (Seeley Lake), in accordance <br />with CWCB Loan Policy #5. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon standard <br />contracting provisions of the CWCB, including the 1 % loan origination fee charged in <br />accordance with CWCB Policy #16. The maximum loan amount may be increased to $353,500 <br />if the borrower elects to finance the 1 % loan service charge. <br /> <br />Action taken bv the CWCS Julv 28. 2003 <br />The CWCB approved the staff recommendation. <br /> <br />cc: Jack Holman, Chairman, Ogilvy Irrigation and Land Company. <br />Duane Smith, PE, Smith Geotech. <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\Proj-New\Ogilvy 703 memo <br />L:\boardmem\July03\21 c - Ogilvy Irrigation and Land Co <br /> <br />4 <br /> <br />~ <br />