Laserfiche WebLink
Amity Mutual Irrigation Co. Agenda Item 22d. <br />November 19-20, 2001 (Updated November 27, 2001) <br />As security for the loan the AMIC wiil pledge assessment revenues backed by assessment <br />covenant and the project itself. This security is in compliance with CWCB Loan Policy #5 <br />(Collateral). <br />Recommendation <br />Staff recommends a CWCB Construction Fund Loan in amount of $360,000 (for up to 90% of <br />eligible project costs) to the Amity Mutual Irrigation Company for rehabilitation of the Neenoshe <br />Reservoir Dam. The recommended term of the loan is 30 years and the recommended lending <br />rate is the CWCB Agricultural lending rate for 2002. Security for the loan will be a pledge of <br />assessment revenues backed by assessment covenant and the project itself. The loan will be <br />funded from the Construction Fund. <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. <br />Action taken bv the CWCB November 20, 2001 <br />The CWCB approved the Staff Recommendation. The interest rate for the loan will be 2.75%. <br />cc: Donald Sfeerman, P.O. Box 390, Lamar, CO 81052 <br />Terry Arnold, URS Corp., 8181 East Tufts Ave., Denver, CO 80237 <br />Linda Bassi, AGO <br />Attachment <br />C:\WP51\Proj-NewWmity 1101 memo; L:\boardmem\Nov01\ 22d Nov 01 Amity <br />