Laserfiche WebLink
<br />Owl Creek Supply and irrigation Co. Agenda Item 10d. <br />January 14, 2000. (Updated February 4, 2000) <br /> <br />Recommendation <br />Staff recommends a loan not to exceed $450,000 to the Owl Creek Supply and Irrigation <br />Company for up to 90% of the costs to rehabilitate hydraulic structures on the Company's ditch <br />system. The recommended term of the loan is 30 years and the lending rate is 4%. Security for <br />the loan will be a pledge of revenues from assessments, and additional collateral in accordance <br />with CWCB Loan Policy # 5, <br /> <br />Staff further recommends that final approval of the loan be conditioned upon acceptance of the <br />project and the associated financial obligations by a vote of the shareholders of the Company, <br />and upon all standardCWCB contracting provisions. <br /> <br />Action taken bv the CWCS January 26. 2000 <br />The CWCB approved the Staff Recommendation with the following additions and clarifications: <br />1. The loan will be from the Severance Tax Perpetual Base Account. <br />2. Additional collateral will be a certificate of deposit in amount of one annual payment and the <br />project itself. <br /> <br />cc: Steve Cecil, President, Owi Creek Supply and Irrigation Co., P.O. Box 206, Eaton, CO 80615 <br />Duane Smith, P.E., Smith Geotechnical, 1225 Red Cedar Circle, Suite H, Fort Collins, CO 80524 <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\WP51 \Proj-New\OwICreek12000memo L:\boardmem~anOO\ 10d-JanOO <br /> <br />4 <br />