Laserfiche WebLink
<br />POLICYNUMBER: 10 <br /> <br />SUBJECT: <br /> <br />LOAN PAYMENT DEFERMENT REQUESTS FROM THE <br />CONSTRUCTION FUND AND SEVERANCE TAX TRUST <br />FUND PERPETUAL BASE ACCOUNT <br /> <br />EFFECTIVE DATE: November 24, 1997 <br /> <br />POLICY: Under the statutory authority of Section 37-60-120 (3) CRS, the <br />Colorado Water Conservation Board (CWCB) may, at its <br />discretion, consider a request for deferment of payment on an <br />existing loan from either the CWCB Construction Fund or the <br />Severance Tax Trust Fund Perpetual Base Account. Any request <br />for deferment of payment on an existing loan will require either: <br />(1) the borrower to pay interest for the period in which the loan <br />payment is deferred or (2) calculation of a new loan amortization <br />schedule that provides for adding to the principal of the loan the <br />interest that accrues during the period in which the loan payment <br />is deferred. <br /> <br />PURPOSE: This policy allows the Board to maintain the financial integrity of <br />the Construction Fund and the Severance Tax Trust Fund <br />Perpetual Base Account while providing project sponsors an <br />opportunity to recover from periods of financial difficulties, <br />drought, flood, or other hardship beyond their control. <br /> <br />APPLICABILITY: This policy and procedure apply to all loans from the CWCB <br />Construction Fund and Severance Tax Trust Fund Perpetual Base <br />Account. <br /> <br />PROCEDURE: Upon request for deferral of an annual loan payment, staff will <br />prepare a memorandum for presentation at the next regularly <br />scheduled Board meeting. The memo will include the reason(s) <br />for the deferral request, the original loan and project information, <br />loan re-payment history, and a staff recommendation including, if <br />applicable, a revised loan repayment schedule. <br /> <br />Approved by the CWCB <br />November 24, 1997 Board Meeting <br />Agenda Item #15a <br />