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<br />i.. . <br />i <br /> <br />· while there is an urgency in completing the well project prior to the onset of summer <br />water demands, it does not appear as if delay of the project would result in undue <br />hardship on the borrower (at least in financial terms) as required by paragraph (2) (a) <br />of 37-60-122.7, the Small Project Loan Account legislation. <br /> <br />I called Rich Rasmussen, a member of the District's board of directors, on March 26, <br />1999 to advise him of our conclusions relative to the loan application. I indicated that we <br />would be willing to present the request at the March 1999 Board meeting but that the <br />staff would be unable to make a favorable recommendation because of the statutory <br />requirement for Small Project Loan Account loans for a finding of undue hardship in the <br />event of a delay. He asked that the request be withdrawn from the March agenda. <br /> <br />Cc: Bill Stanton <br />John Van Sciver <br />Linda Bassi <br /> <br />2 <br />