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<br />... <br /> <br />., <br /> <br />Recommendation <br />Staff recommends a loan from the Arkansas River Augmentation Loan Account of the <br />Construction Fund to the Arkansas Groundwater Users Association in the amount of <br />$650,000 for the purchase of 1,007 shares in the Excelsior Ditch. The recommended term <br />of the loan is 40 years at a lending rate of 3.0 percent. As collateral for the loan, AGUA <br />will pledge all shares in the Excelsior Ditch acquired with the loan proceeds and also will <br />pledge revenues from membership fees AND ASSESSMENTS. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon the <br />submittal of an appraisal, acceptable to the Director of the CWCB, of the Excelsior Ditch <br />water rights AND UPON THE RATIFICATION OF THE PURCHASE OF THE 1.007 <br />SHARES IN THE EXCELSIOR DITCH BY A VOTE OF THE SHAREHOLDERS IN <br />THE ARKANSAS GROUNDWATER USERS ASSOCIATION. <br /> <br />Cc: Board of Directors, AGUA <br />Steve Witte, Division 2 <br />Linda Bassi, AGO <br />Mark McLean, Rocky Mountain Consultants <br /> <br />Revisions noted above were made at the September 22. 1997 meeting of the CWCB. <br /> <br />4 <br />