BOARD00159 ‎(2)‎

• Board Meeting Date: 3/12/2007
• Description: Summary Minutes and Record of Decisions - March 12-13, 2007
• Board Meetings - Doc Type: Minutes

representative for John Stulp, Colorado Agriculture Commissioner, and Deputy Attorney General
Casey Shpall.

15. FY 08-09 Severance Tax Trust Fund Operational Account
Tape 2, Track 1 00:00:00 - 00:45:33
Action: A motion was made by Don Schwindt and seconded by Harold Miskel to
approve Staffs recommendation of the ranking of projects from the Severance
Tax Trust Fund Operational Account for fiscal year 2008-2009, with
consideration given to the Board's suggestions and input, and a change in
ranking from a medium to a high ranking for the Upper Big Sandy Water
Balance Study. The Water Rights Loans for Instream Flows would remain at a
high ranking with a provision added requiring cost sharing, which may include
in-kind services, by the participants in the project. The motion was approved
unanimously (8-0).

16a. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust Fund
Perpetual Base Account New Loans - Lower Poudre Augmentation Company -
Reservoir and Water Rights Purchase
Tape 2, Track 1 00:45 :33 - 01:00:33
Action: A motion was made by Don Schwindt and seconded by Harold Miskel to
approve a loan not to exceed $3,104,053 ($3,073,320 for project costs and
$30,733 for the 1 % Loan Service Fee in accordance with CWCB Loan Policy
#16), to the Lower Poudre Augmentation Company from the Severance Tax
Trust fund Perpetual Base Account, to acquire the Timnath Flatiron Reservoir
and 4.5 shares in the Boxelder Ditch Company, for the purpose of providing
augmentation water for existing wells. The terms of the loan will be 30 years at
2.50 % per annum. Security for the loan will be a pledge of well augmentation
fee revenue backed by a rate covenant, and other company revenue; and the
project itself, including the reservoir and appurtenances, and the 4.5 shares of
Boxelder Ditch Company, along with the Boxelder Ditch carriage agreement.
Additional security will be in the form of a loan guaranty contract from New
Cache La Poudre Irrigating Company and the Cache La Poudre Reservoir
Company. Final approval of the loan will be conditioned upon all other standard
contracting provisions of the CWCB, as well as prior to execution of a state loan
contract, the New Cache La Poudre Irrigating Company and the Cache La Poudre
Reservoir Company, as guarantors of the CWCB loan to the Lower Poudre
Augmentation Company, shall execute a loan guaranty contract in a form
acceptable to the CWCB. Eric Wilkinson recused himself from this agenda item.
The motion was approved unanimously (7-0).

17. Stream and Lake Protection Section - 2008 Instream Flow Appropriations
Tape 2, Track 1 01:02:02-01:25:25
Action: A motion was made by Don Schwindt and seconded by John Redifer to approve
Staffs recommendation to prioritize its resources regarding the 32 Instream Flow
recommendations received at the February 2007 workshop as follows: 1) Resolve
the remaining issues on Beaver and Willow Creeks in Moffat County; 2) Attempt
to resolve the issues regarding the Jackson County streams that were discussed at
the January 2007 Board Meeting; 3) Investigate and analyze the
recommendations in divisions 2 and 5 to identify which streams may develop

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