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<br />9b. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust <br />Fund Perpetual Base Account New Loans - Bull Creek Reservoir, Canal and Power <br />Company - Reservoir No.4 Rehabilitation and Enlargement <br />Tape 1, Track 2 00:00:00 - 00:27:47 <br />Action: A motion was made by Tom Sharp and seconded by Don Schwindt to approve a <br />loan not to exceed $1,212,000 ($1,200,000 for project costs and $12,000 for the l% <br />Loan Service Fee) to the Bull Creek Reservoir, Canal and Power Company for <br />project costs, not to exceed 90% of the costs associated with the Bull Creek <br />Reservoir No.4 Rehabilitation and Enlargement Project from the Severance Tax <br />Trust Fund Perpetual Base Account. Loan funds may be used for qualifying project <br />expenses previously incurred. The loan terms shall be based on the current <br />agricultural rate of 2.50% per annum for a 30-year term. Final approval ofthe loan <br />shall be conditioned upon all standard contracting provisions of the CWCB Loan <br />Program. Security for the loan shall be collateral in compliance with CWCB Loan <br />Policy #5. The loan will be conditioned upon the following approval conditions: l) <br />Shareholders shall convey a security interest in the Company stock certificates to <br />CWCB in a quantity that exceeds 90% of all Company stock; 2) Company will pay <br />off the current loan held by the Palisades National Bank (PNB) in Palisade, <br />Colorado, with an estimated balance of $ l60,000; 3) As part of this loan approval, <br />the previous Severance Tax Trust Fund Perpetual Base Account loan to the Bull <br />Creek Reservoir, Canal and Power Company (Agenda Item 4d, September 2004) <br />will be de-authorized for $599,940 for the Reservoir Nos. l, 2 and 4 Rehabilitation <br />& Enlargement project. The motion was approved unanimously (9-0). <br /> <br />9c. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust <br />Fund Perpetual Base Account New Loans - Lower Poudre Augmentation Company <br />- Reservoir and Water Rights Purchase <br />Tape l, Track 2 00:00:00 - 00:00:00 <br />Action: This item was removed from the agenda. <br /> <br />9d. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust <br />Fund Perpetual Base Account New Loans - Town of DeBeque - Irrigation System <br />Improvements <br />Tape l, Track 2 00:45:40 - 00:57:l0 <br />Action: A motion was made by Tom Sharp and seconded by Eric Wilkinson to approve a <br />loan from the Severance Tax Trust Fund Perpetual Base Account, not to exceed <br />$252,500 ($250,000 for project costs and $2,500 for the 1 % Loan Service Fee) to <br />the Town of DeBeque by and through its Irrigation System Enterprise Fund for <br />project costs. The terms of the loan shall be a 30-year loan at 3.25% per annum. <br />Final approval of the loan shall be conditioned upon all standard contracting <br />provisions of the CWCB Loan Program. Security for the loan shall be collateral in <br />compliance with CWCB Financial Policy #5. The following Supplemental Loan <br />Contract Conditions shall apply: 1) CWCB shall disburse loan funds at a rate of <br />70% of submitted project invoices; 2) Prior to contract execution, the Town ofDeBeque shall approve a resolution to create the Enterprise Fund. The motion was <br />approved unanimously (9-0). <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />4 <br />