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<br />As security for the loan, the Greeley and Loveland Irrigation Company will be asked to <br />pledge revenues from assessments as well as water rights and/or real estate equivalent in <br />value to the full amount of the loan. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon acceptance <br />of the project and the associated financial obligations by a vote of the shareholders of the <br />Company and that, in each year of the repayment period, the Company will submit to <br />CWCB staff audited financial statements. In any year in which expenses, to include <br />operating expenses and debt service, exceed operating revenues, the Company will submit <br />a letter of explanation to the Director of the CWCB along with the measures which the <br />Company will take to assure that future expenditures will not exceed operating revenues. <br /> <br />cc: Board of Directors, Greeley and Loveland <br />Ed Toms, ECI <br />Linda Bassi, AGO <br /> <br />Attachments <br /> <br />@ <br /> <br />;gtf?~~ ,4d~ <br /> <br />Water Project Construction Loan Program - Requests for Approval on L9ans fo~ New <br />Projects - Greeley and Loveland Irrig. Co. - System Rehabilitation. <br />Tape 2, Start/Stop: 5232 - 6160 <br />Tape 3, Start/Stop: 0001 - 0039 <br />Action: A motion was made by Eric Kuhn that the Board accept the staff recommendation <br />on this new loan as provided in the Board Memo, with the following <br />amendments: (1) that the lending rate be modified to 4.21 percent (the <br />blended rate), (2) in the event that the percent of municipal water use in the <br />Greeley and Loveland Irrigation Company should increase significantly <br />during the term of the loan, the lending rate would be modified to reflect the <br /> <br />... ...-.. <br /> <br />revised percentage of municipal use, and (3) this loan plus previous loans <br />and grants will not exceed 80 percent of the total project cost. The modified <br />motion was seconded by Janice Sheftel and approved unanimously (8-0). <br /> <br />4 <br /> <br />.. <br /> <br />. <br /> <br />. <br /> <br />. <br />