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<br />As security for the loan, the East Fork Mutual Irrigation Company will pledge assessment <br />revenues backed by assessment covenant, the project itself, and the Company's headgate to assure <br />repayment of the loan. This security is in compliance with CWCB Loan Policy #5 (Collateral). <br /> <br />CONCLUSION: <br /> <br />Based on staffs review of the original feasibility cost projections, the supporting documentation <br />provided by Company for the revised design alternative, staff finds the requested loan increase of$120,210 <br />to be economically, financially, and technically sound. <br /> <br />STAFF RECOMMENDATIONS: <br /> <br />Staff recommends that the Board approve an increase of$121,412 ($120,210 for project costs <br />and $1,202 for the 1 % loan origination fee, in accordance with CWCB Loan Policy No. 16) from the <br />Construction Fund. The additional $121,412 increment of funding would be for 30-years at the present <br />lending rate of2.5%. Security for the loan will be a pledge of assessment revenues backed by <br />assessment covenant and other Company property adequate to assure repayment of the loan, in <br />accordance with CWCB Loan Policy #5. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon standard <br />contracting provisions ofthe CWCB. <br /> <br />5 <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />