BOARD00126 ‎(2)‎

• Board Meeting Date: 1/23/2007
• Description: Summary Minutes and Record of Decision - January 23-24, 2007
• Board Meetings - Doc Type: Minutes

ge. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust
Fund Perpetual Base Account New Loans - Seven Lakes Reservoir Company - Dry
Creek Railroad Crossing Rehabilitation
Tape 1, Track 2 00:57:10-01:05:44
Action: A motion was made by Eric Wilkinson and seconded by Don Schwindt to approve a
loan not to exceed $772,842 ($765,190 for project costs and $7,652 for the 1% Loan
Service Fee in accordance with CWCB Loan Policy #16, to the Seven Lakes
Irrigation Company from the Severance Tax Trust Fund Perpetual Base Account, to
replace a deteriorating railroad crossing culvert over the north outlet canal (also
known as Dry Creek) from Lake Loveland. The terms of the loan are 30 years at
2.95% per annum. Security for the loan will be a pledge of assessment revenues
backed by an assessment covenant. Final approval of the loan shall be conditioned
upon all other standard contracting provisions of the CWCB. The motion was
approved unanimously (9-0).

9f. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust
Fund Perpetual Base Account New Loans - City of Aurora - Prairie Waters Project
Tape l, Track 2 Ol:05:44-01:47:40
Action: A motion was made by Barbara Biggs and seconded by Harold Miskel to approve a
loan not to exceed $75,750,000 ($75,000,000 for project costs and $750,000 for the
1 % Loan Service Fee) to the City of Aurora acting by and through its Utility
Enterprise for project costs (not to exceed 90% of the cost of the Conveyance
System of the Prairie Waters Project) from the Construction Fund. The terms of the
loan shall be a 30-year loan at 3.75% per annum. Security for the loan shall be in
compliance with CWCB Financial Policy #5 with the variances described in
Agenda Item 9f. The loan shall contain the following Supplemental Loan Contract
Conditions: 1) CWCB shall disburse loan funds at a rate of 50% of the total project
invoices submitted to CWCB until the maximum loan amount is met; 2) The
contract for the loan shall incorporate the provisions defmed in the General
Ordinance and applicable Series Ordinances which govern the Water Fund's
existing debt: a) The loan shall receive a second-lien priority on the Water Fund's
net revenues that will be on a parity with existing and future second-lien revenue
obligations; b) With regard to future parity debt, CWCB accepts the provisions in
the General and Series Ordinances which allows inclusion of all tap fees in the
analysis ofborrower's revenues regarding parity testing on future debt. Tom Sharp
voted against the motion. The motion was approved (8-1).

9g. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust
Fund Perpetual Base Account New Loans - Wood Lake Mutual Water and
Irrigation Company
Tape 1, Track 2 Ol:47:40 - Ol:57:40
Action: A motion was made by Eric Wilkinson and seconded by Carl Trick to approve a
loan not to exceed $212,706 ($210,600 for project costs and $2,106 for the 1% Loan
Service Fee in accordance with CWCB Loan Policy #16), to the Wood Lake Mutual
Water and Irrigation Company from the Severance Tax Trust Fund Perpetual Base
Account, to replace the existing outlet works and spillway for Angel Lake. The
terms of the loan are 30 years at 2.50% per annum. Security for the loan will be a
pledge of assessment revenues backed by an assessment covenant, and the Angel
Lake reservoir. Final approval of the loan shall be conditioned upon all other

Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection
Water Supply Protection. Conservation and Drought Planning
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