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<br />. . <br /> <br />Orchard City Irrigation District <br />March 16-17,2004 <br /> <br />Agenda Item 25g <br />(Updated March 18,2004) <br /> <br />Recommendation <br />Staff recommends a CWCB Small Project loan from the Severance Tax Trust Fund Perpetual <br />Base Account in amount up to $93,122 ($92,200 for project costs and $922 for the 1 % Loan <br />Service Fee, in accordance with CWCB Loan Policy #16) to the Orchard City Irrigation District. <br />The loan is for up to 90% of the cost to rehabilitate the Dry Creek Transfer Ditch and the Circle <br />Ditch Headgate. The recommended loan terms are 30 years at 2.5% (2.58% Annual <br />Percentage Rate), 20 years at 2.25% (2.36% Annual Percentage Rate), or 10 years at 2% <br />(2.20% Annual Percentage Rate), at the borrower's option. Security for the loan will be a pledge <br />of assessment revenues backed by assessment covenant, in accordance with CWCB Loan <br />Policy #5. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon standard <br />contracting provisions of the CWCB, including final acceptance of the feasibility study. <br /> <br />Action taken bv the CWCS March 17.2004 <br />The CWCB approved the Staff Recommendation, with the revision shown above in italics. <br /> <br />cc: Thomas Huerkamp, Vice President, Orchard City Irrigation District. <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\Proj-New\OCID 0304 memo <br />L:\boardmem\March04\25g - Orchard City Irrigation District <br /> <br />4 <br />