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<br />Lake Meredith Reservoir Co. <br />March 24-26, 2003 <br /> <br />Agenda Item 24c. <br />(Updated March 27, 2003) <br /> <br />Recommendation <br />Staff recommends a CWCB Small Project Loan in maximum amount of $1,000,000 to the Lake <br />Meredith Reservoir Company for relocation of the outlet canal of Lake Meredith. The <br />recommended term of the loan is 30 years and the recommended lending rate is 4.00% <br />(4.083% Annual Percentage Rate.). Security for the loan will be a first interest pledge of <br />assessment revenues backed by assessment covenant and a first lien on the project itself, in <br />accordance with CWCB Loan Policy #5 (Collateral). The loan will be funded from the <br />Construction Fund. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all standard <br />contracting provisions of the CWCS, including the 1 % loan origination fee charged in <br />accordance with CWCB Policy #16. <br /> <br />Action taken bv the CWCB March 26. 2003 <br />The CWCS approved the Staff Recommendation, with the revisions shown above. <br /> <br />cc: Allen Ringle, Superintendent, Lake Meredith Reservoir Co., P.O. Box 8. Ordway, CO 81063 <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\Proj-New\Lake Meredith 303 memo; <br /> <br />L:\boardmem\Mar03\24c - Lake Meredith <br /> <br />5 <br />