Laserfiche WebLink
<br />, , <br /> <br />'< <br /> <br />Bijou Irrigation District <br />May 24-25. 2005 <br /> <br />Agenda Item 15a <br /> <br />As security for the loan, the BID will pledge their annual tax levy revenues. This is in compliance <br />with CWCB Loan Policy #5 (Collateral). <br /> <br />Recommendation <br /> <br />Staff recommends a loan not to exceed $672,660 ($666,000 for project costs and $6,660 for the 1 % <br />Loan Service Fee in accordance with CWCB Loan Policy #16), to the Bijou Irrigation District from <br />the Severance Tax Trust Fund Perpetual Base Account, to construct a new spillway and install toe <br />drains. The recommended terms of the loan are 30 years at 2.50 % per annum. Security for the loan <br />will be a pledge of Bijou Irrigation District annual tax levy revenues. <br /> <br />Staff further reCommends that final approval of the loan be conditioned upon all other standard <br />. contracting provisions of the CWCB. Further, staff recommends the following approval condition: <br /> <br />The proposed increase in tax levy from $10 per acre to $12 per acre to cover CWCB loan <br />repayment, as well as the authority to assume the proposed indebtedness, shall be <br />approved by the BID electors in accordance with the applicable provisions of the Irrigation <br />District Law of 1905, C.R.S. 37-41-113(4) and C.R.S. 37-41-117.) <br /> <br />cc: Kathy Samples, Secretary, Bijou Irrigation District <br />Rich Tocher, P.E., Tetra Tech RMC, Inc., Longmont, CO <br />Amy Stengel, AGO <br /> <br />Attachment <br /> <br />Action Taken bv the CWCB on Mav 24. 2005 <br />The CWCB approved the Staff Recommendation. <br /> <br />Page 6 of 6 <br />