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<br />. <br /> <br />rate will be the 2001 agricultural rate of 3.5%. Collateral will be a <br />guaranteed, interest-bearing annuity in an amount sufficient to (a) pay all <br />of the District's costs (not paid as of the date of the annuity) associated <br />with the project, and (b) provide adequate funds for annual payments on <br />the CWCB loan for the entire period of debt retirement. Conditions of the <br />loan are that (1) the District will reach an agreement with the Montezuma <br />Valley Irrigation company for the acquisition of a sufficient number of <br />shares of stock in the company and the acquisition of any facilities <br />required to provide an adequate water supply for the project, (2) the <br />District will obtain all permits necessary for project construction, and (3) a <br />carriage contract will be reached between the U.S. Bureau of <br />Reclamation and the District for the delivery of WETPACK irrigation <br />project water in Dolores project facilities. The motion was seconded by <br />David Smith. It was unanimously approved. (9-0) <br /> <br />1Gb. <br /> <br />Town of Monument - Monument Lake Dam Rehabilitation <br />This item was deleted. <br /> <br />. <br /> <br />17a. Emergency Infrastructure Loan Account - Replacement of Funds <br />Tape 3: Start/Stop: 0443 - 0506 <br />Action: Eric Wilkinson moved to approve staff's recommendation that the Board <br />recommend to the General Assembly that the balance in the Emergency <br />Infrastructure Repair Account in the CWCB Construction Fund be <br />restored to the initial amount of $2 million by transferring $1,600,000 to <br />the Account from the Construction Fund's unreserved cash. The motion <br />was seconded by David Smith and unanimously approved. (10-0) <br /> <br />17b. Colorado River Recovery Program Loan Account - Additional Funds <br />Tape 3: Start/Stop: 0507 - 0642 <br />Action: Eric Kuhn moved to approve staff's recommendation that the Board <br />recommend to the General Assembly that the balance in the Colorado <br />River Recovery Program Loan Account in the CWCB Construction Fund <br />be increased by $5,000,000 by a transfer from the unreserved cash in the <br />Construction Fund. The motion was seconded by Patricia Wells and <br />unanimously approved. (10-0) <br /> <br />17c. Foreclosure Fund - Creation of New Fund <br />Tape 3: Start/Stop: 0645 - 0748 <br />Action: Bob Burr moved to approve the staff recommendation that the Board <br />recommend to the General Assembly that it create a Foreclosure Fund <br />within the CWCB Construction Fund with an initial appropriation to the <br />fund of $100,000. The purpose of the fund is to provide the CWCB with a <br />source of payment for the direct costs associated with foreclosing on <br />delinquent loans from the Construction Fund or Severance Tax Trust <br />Fund Perpetual Base Account. The motion was seconded by Harold. <br />Miskel and unanimously approved. (10-0). <br /> <br />. <br /> <br />17d. Flood Emergency Response Fund - Creation of New Fund <br /> <br />Minutes November 20-21, 2000 <br />Page 9 <br />