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<br />Appleton Northwest La.teral & Drainage Co. Agenda Item 5. <br />January 23-24, 2002 (Updated January 28. 2002) <br /> <br />As security for the loan the ANLDC will pledge assessment revenues backed by assessment <br />covenant and the project itself. This security is in compliance with CWCS Loan Policy #5 <br />(Collateral). <br /> <br />Recommendation <br />Staff recommends a CWCS Small Project Loan in maximum amount of $1 00,000 to the <br />Appleton Northwest Lateral & Drainage Corporation for rehabilitation of the Appleton Northwest <br />Lateral. The recommended term of the loan is 30 years and the recommended lending rate is <br />2.75%. Security for the loan will be a pledge of assessment revenues backed by assessment <br />covenant and the proiect itself. The loan will be funded from the Construction Fund. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCS, and that any excess cost share funds from the Natural <br />Resources Conservation Service be applied to reduce the CWCB loan amount after <br />construction is complete. <br /> <br />Action taken bv the CWCS January 23. 2002 <br />The CWCS approved the Staff Recommendation, and added the following: <br />"The CWCS finds that the Appleton Northwest Lateral and Drainage Corporation is eligible for a <br />Small Project Loan. Delaying the project a year would cause undue hardship on the water <br />users. Water can not be fully delivered, and there are recurring flooding problems with the <br />existing system. <br /> <br />cc: Roger Warren, President, Appleton Northwest (ML 369) Lateral & Drainage Co.. 87822 Rd., <br />Grand Junction, CO 81505 <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\WP51\Proj-NewlAppietonML369102memo; <br /> <br />L:lboardmemlJan011Agenda Item 5-Jan 02 Appleton ML369 <br /> <br />4 <br />