Final and

• Board Meeting Date: 5/22/2007
• Description: Summary Minutes and Record of Decisions - May 22-23, 2007
• Board Meetings - Doc Type: Minutes

1, Review and Approval of Agenda
Tape 1, Track 1 00:15:23 - 00:16:34
Action: A motion was made by John Redifer, and seconded by Keith Catlin to approve
the modified May 22-23, 2007 agenda. Agenda Item 2 was removed from the
agenda; Agenda Item 25 was moved into the Agenda Item 2 slot; Agenda Item 28
was moved into the Agenda Item 25 slot. The motion was approved
unanimously (9-0).

1 a, Oath of Office
Tape 1, Track I 00:16:34 - 00:18:12
Action: Chair Travis Smith administered the Oath of Office to new Board member, Geoff
Blakeslee.

1 b, Election of Officer
Tape 1, Track 1 00:18:12 - 00:19:37
Action: Chair Travis Smith congratulated Directors Barbara Biggs and John Redifer on
their reappointments by the Govemor to another tellli of office, A motion was
made by Harold Miskel and seconded by Keith Catlin to nominate Don Schwindt
as Vice Chair, An amended motion was made by Carl Trick and seconded by
Eric Wilkinson to approve the nomination of Don Schwindt for Vice Chair by
acclamation. The motion was approved unanimously (9-0).

2a, Water Supply Planning and Finance Section - Revisions to Existing Project
Loans - Springdale Ditch Company - Well Augmentation Project
Tape 0, Track 0 00:00:00 - 00:00:00
Action: This agenda item was removed from the agenda,

3a. Water Supply Planning and Finance Section - New Project Loans - Black Dike
Pipeline Company - Black Dike Pipeline Project
Tape 1, Track I 00:43:12 - 01:07:55
Action: A motion was made by Carl Trick and seconded by Don Schwindt to approve a
loan, not to exceed $603,980 ($598,000 for project costs and $5,980 for the 1 %
Loan Service Fee) for engineering and construction costs, to the Black Dike
Pipeline Company from the Severance Tax Trust Fund Perpetual Base Account,
for the Black Dike Ditch Pipeline Project. Furthermore, the Board approved a
post-construction loan not to exceed $212,980 ($207,000 for project costs and
$5,980 for the 1 % Loan Selvice Fee) to the Company with tellliS based on a
blended rate of 30 years at 2.85% per annum, Security for the loans will be
collateral in compliance with CWCB Loan Policy No, 5. Approval of the loans
will be conditioned upon the following: I) executed USDA Conservation
Program Contract; 2) Company's Funding Agreement shall be executed and
include a "step-up" provision; 3) all standard contracting provisions of the
CWCB Loan Program including a revised Debt Service Reserve Fund Provision
that requires two annual loan payments (one payment set aside at the time of first
draw of funds and one third of an annual payment set aside at the time of each of
the first three annua110an payments). The motion was approved unanimously
(9-0),

Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection
Water Supply Protection. Conservation and Drought Planning
2