Laserfiche WebLink
<br />Lower Platte and Beaver Canal Company Agenda Item 14a. <br />January 27-28,2004 (Updated February 2,2004) <br /> <br />Recommendation <br />Staff recommends a Small Project Loan from the Construction Fund in amount up to $313,605 <br />($310,500 for project costs and $3,105 for the 1 % Loan Service Fee, in accordance with CWCS <br />Loan Policy #16) to the Lower Platte and Seaver Canal Company. The loan is for up to 90% of <br />the costs to construct a well augmentation and grc>undwater recharge project, includina <br />payment of proiect costs already incurred. The recommended loan terms are 30 years at 2.5% <br />(2.58% Annual Percentage Rate), 20 years at 2.2S% (2.36% Annual Percentage Rate), or 10 <br />years at 2% (2.20% Annual Percentage Rate), at the borrower's option. Security for the loan will <br />be a pledge of assessment revenues backed by assessment covenant and other Company <br />property adequate to assure repayment of the loan, in accordance with CWCS Loan Policy #5. . <br /> <br />Staff further recommends that final approval of thel loan be conditioned upon all standard <br />contracting provisions of the CWCS. / <br /> <br />Action taken bv the CWCB January 27. 2004 <br />The CWCS approved the Staff Recommendation, with the addition of the phrase "..includina <br />payment of proiect costs already incurred. ': as shown above. <br /> <br />cc: Robert Tuck, President, Lower Platte and Beaver Calnal Company <br />Brent Nation, P.E. <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\Proj-New\LPBCC 104 memo; <br /> <br />L:\boardmem\Jan04\114a - Lower Platte and Beaver <br /> <br />4 <br />