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<br />Municipal Low Income lending rate (see Table 1) which is identical to the Agricultural <br />. rate, it was not necessary to calculate a weighted lending rate. <br /> <br />The Company has an existing Construction Fund loan with a balance of about $100,000 <br />and the status of the loan is current. <br /> <br />As security for the loan the Company has indicated it is willing to pledge revenues from <br />assessments as well as the dam and reservoir and 1,040 acres of land owned by the <br />Company. <br /> <br />Permittinl! <br />Preliminary discussions with the Corps of Engineers indicate that the proposed dam <br />modifications would qualify for a Nationwide 404 Permit under the Clean Water Act <br />which would greatly simplify the permitting process. <br /> <br />Recommendation <br />Staff recommends a loan not to exceed $734,000 to the DeWeese-Dye Ditch and <br />Reservoir Company for the rehabilitation of DeWeese Dam. The recommended term of <br />the loan is 30 years and the lending rate would be that rate approved by the Board for <br />Agricultural and Municipal Low Income borrowers in 1998. As security for the loan, the <br />DeWeese-Dye Ditch and Reservoir Company will pledge revenues from assessments as <br />well as the dam and reservoir and 1,040 acres of land owned by the Company. <br /> <br />. Staff further recommends that final approval of the loan be conditioned upon acceptance <br />of the project and the associated financial obligations by a vote of the shareholders of the <br />Company. <br /> <br />cc: <br /> <br />Ron Dorn, DeWeese-Dye <br />Mike Graber, Division 2 <br />Brian Johnson, GEl <br />Linda Bassi, AGO <br /> <br />Attachments <br /> <br />. <br /> <br />4 <br />