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<br />STAFF RECOMMENDATIONS: <br /> <br />Staff recommends that the Board approve an increase of $471,500 from the Construction Fund. <br />The additional $471,500 increment of funding would be for 30-years at a lending rate of 4.00%. The total <br />funding level for this project would amount to $1,471,500, or 75% of the total project costs. Security for <br />the loan will be a first interest pledge of assessment revenues backed by assessment covenant and a first lien <br />on the project itself, in accordance with Policy No.5 (Collateral). <br /> <br />Staff further recommends that the following conditions be met prior to entering into a contract for <br />the additiona11oan increment of funding: <br /> <br />1. The loan increase shall be contingent upon all standard-contracting provisions of the Colorado <br />Water Conservation Board. <br /> <br />2. The loan increase will include a 1 % origination fee charged in accordance with CWCB <br />Policy No. 16 <br /> <br />Action Taken bv the Colorado Water Conservation Board on November 20. 2003 <br />Board approved staff recommendations. <br /> <br />Flood Protection. Water Project Planning ~d Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />