BOARD00143 ‎(2)‎

• Board Meeting Date: 3/12/2007
• Description: Draft Summary Minutes and Record of Decisions January 23-24, 2007
• Board Meetings - Doc Type: Memo

Tape 1, Track 2 00:00:00-00:27:471 I
Action: A motion was made by Tom Sharp and seconded by Don Schwindt to approve a
I I
loan not to exceed $1,212,00~ ($1,200,000 for project costs and $12,000 for ~e 1%
Loan Service Fee) to the Bul~ Creek Reservoir, Canal and Power Company for
project costs, not to exceed 90% of the costs associated with the Bull Creek I
Reservoir No. 4 Rehabi1itatio~ and Enlargement Project from the Severance \fax
Trust Fund Perpetual Base Atcount. Loan funds may be used for qualifyingiproject
expenses previously incurredl The loan terms shall be based on the current i
agricultural rate of2.50% ~ annum for a 30-year term. Final approval oft~e loan
shall be conditioned upon all1standard contracting provisions of the CWCB Loan
Program. Security for the loan shall be collateral in compliance with CWC~ Loan
Policy #5. The loan will be donditioned upon the following approval conditions: 1)
Shareholders shall convey a ~ecurity interest in the Company stock certificat~s to
CWCB in a quantity that excbds 90% of all Company stock; 2) Company will pay
off the current loan held by the Palisades National Bank (pNB) in Palisade, ,
Colorado, with an estimated balance of $ 160,000; 3) As part of this loan approval,
the previous Severance Tax Trust Fund Perpetual Base Account loan to the Bull
I I
Creek Reservoir, Canal and Power Company (Agenda Item 4d, September 2.004)
will be de-authorized for $599,940 for the Reservoir Nos. 1, 2 and 4 RehabiHtation
& Enlargement project. Thelmotion was approved unanimously (9-0). :

. I
9c. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust
Fund Perpetual Base Accourtt New Loans - Lower Poudre Augmentation Company
- Reservoir and Water Righ~ Purchase ;
Tape 1, Track 2 00:00:00 - 00:00:001
Action: This item was removed from, the agenda.

!
9d. Water Supply Planning and Finance - Construction Fund and Severance TaX Trust
Fund Perpetual Base Accowtt New Loans - Town of DeBeque - Irrigation ~ystem
~~~m~s I :
Tape 1, Track 2 00:45:40-00:57:10 I
Action: A motion was made by Tom! Sharp and seconded by Eric Wilkinson to approve a
loan from the Severance Tax: Trust Fund Perpetual Base ACCOl.m.t, not to exqeed
$252,500 ($250,000 for proj~ct costs and $2,500 for the 1 % Loan Service Fee) to
the Town ofDeBeque by an~ through its Irrigation System Enterprise Fund)for
project costs. The terms offue loan shall be a 30-year loan at 3.25% per anrlum.
Final approval of the loan s~ll be conditioned upon all standard contracting
provisions of the CWCB Loan Program. Security for the loan shall be colla~ral in
compliance with CWCB Fidancial Policy #5. The following Supplemental Loan
Contract Conditions shall aPbly: 1) CWCB shall disburse loan funds at a ratb of
70% of submitted project invoices; 2) Prior to contract execution, the Town!of
DeBeque shall approve a resolution to create the Enterprise Fund. The motion was
approved unanimously (9-0).

ge. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust
Fund Perpetual Base Accow;tt New Loans - Seven Lakes Reservoir Company - Dry
Creek Railroad Crossing Rehabilitation .
I
Tape 1, Track 2 00:57:10-01:05:44

Flood Protection. Water Supply PI~ing and Finance · Stream and Lake Protection
Water Supply Protection. Conservation and Drought Planning
I 4
I
I

.

.

.