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<br />Platte Valley Irrigation Company <br />November 13-15, 2006 <br /> <br />Agenda Item 10e <br /> <br />Recommendation <br /> <br />Staff recommends that the Board approve a loan not to exceed $2,388,650 ($2,365,000 for project <br />costs and $23,650 for the 1 % Loan Service Fee in accordance with CWCB Loan Policy #16), to the <br />Platte Valley Irrigation Company from the Severance Tax Trust Fund Perpetual Base Account, to <br />construct an equalizer reservoir, the Platte Valley Reservoir No.1, and to add additional <br />measurement and control structures on their main ditch, and to cover land expenses already <br />incurred. The recommended terms of the loan are 20 years at 2.25% per annum. Security for the <br />loan will be a pledge of assessment revenues backed by a rate covenant, and the project itself. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB, as well as the following: <br /> <br />1. Reserve Fund - Prior to execution of the State Contract, the Company shall provide CWCB <br />with evidence that the debt reserve fund with $148,149 has been established. <br /> <br />cc: Kevin Schmidt, President, Platte Valley Irrigation Company <br />Duane Smith, P.E., Smith Geotechnical <br />Amy Stengel, AGO <br /> <br />Attachment <br /> <br />Action Taken bv the CWCS on November 13. 2006 <br />The CWCB approved the Staff Recommendation. <br /> <br />70f7 <br />