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<br />t <br /> <br />Logan Irrigation District <br />May 16-17,2006 <br /> <br />Agenda Item 11 a <br /> <br />~ <br /> <br />Collateral: As security for the loan, the LID will pledge their annual assessment levy revenues. <br />This is in compliance with CWCB Loan Policy #5 (Collateral). <br /> <br />Recommendation <br /> <br />Staff recommends a loan not to exceed $306,419 ($303,385 for project costs and $3,034 for the 1 % <br />Loan Service Fee in accordance with CWCB Loan Policy #16), to the Logan Irrigation District from <br />the Severance Tax Trust Fund Perpetual Base Account, to construct a new emergency spillway for <br />Prewitt Reservoir. The recommended terms of the loan are 20 years at 2.35% per annum. Security <br />for the loan will be a pledge of Logan Irrigation District annual assessment levy revenues. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. Further, staff recommends the following approval conditions: <br /> <br />1. A special agreement among the three parties shall be executed that addresses specific loan <br />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 LID electors <br />in accordance with the applicable provisions of the Irrigation District Law of 1905, C.R.S. 37- <br />41-113(4) and C.R.S. 37-41-117), or as amended, at the time of contract execution. <br /> <br />cc: Jim Yahn, Secretary -Manager, Logan Irrigation District <br />Amy Stengel, AGO <br /> <br />Attachment <br /> <br />Action Taken bv the CWCS on Mav 16. 2006 <br />The CWCB approved the Staff Recommendation. <br /> <br />Page 6 of 6 <br />