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<br />-, ... ~ ~ <br /> <br />S ffR d . ~I'/J <br />fa ecommen atwn ~ 00"-0/ $'. q/ ' <t:':- .~~'" f' <br />. / 7 C> ....) 0 / / Co. t. /;.., /p'/.J <br />4' ~ ./'1 ' <br />. ~ecommends that the Bo~r~ approve a~ increase of $1 ~4,081 ($192: 159 ~or pro~ect costs <br />I. '9 t ,,'" and ~for the 1 % loan ongmatlOn fee, m accordance with CWCB FmancIaI Pohc~V-; <br />~ ~, from the Severance Tax Trust Fund Perpetual Base Account. The additional $191,881 mcrement". ~_ <br />,plJ of funding would be for 20-years at the present blended lending rate of2.35% (The 30-year rate '/.94'-> [I, <br />would be 2.60%). The Company's amended total loan amount will be $505,000 ($500,000 for 7i/J <br />the total project costs and $5,000 for the 1 % loan origination fee). Security for the loan will be a <br />pledge of Logan Irrigation District annual assessment levy revenues, in compliance with CWCB <br />Financial Policy No.5. <br /> <br />As per the original loan authorization, staff further recommends that final approval ofthe loan be <br />conditioned upon the following: <br /> <br />1. A special agreement among the three parties shall be executed that addresses specific <br />loan responsibilities of the parties, and recognizes CWCB as a 3rd Party Beneficiary. <br /> <br />2. The authority to assume the proposed indebtedness shall be approved by the Logan <br />Irrigation District electors in accordance with the applicable provisions of the Irrigation <br />District Law of 1905, C.R.S. 37-41-113(4) and c.R.S. 37-41-117), or as amended, at the <br />time of contract execution. <br /> <br />ACTION TAKEN BY THE CWCB BOARD ON SEPTEMBER 19. 2006 <br />Board approved staff recommendation. <br /> <br />cc: Jim Yahn, Secretary - Manager, Logan Irrigation District <br />Vaughn McWilliams, CWCB <br />Amy Stengel, AGO <br /> <br />4 <br />