PROJ01950 ‎(3)‎

• Contract/PO #: FS0078FX
• Contractor Name: Blue Lake Owners Association
• Water District: 0
• County: Eagle
• Loan Projects - Doc Type: Feasibility Study

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Agenda Item 17b.
November 24, 1997
Page 3

(Updated December 3, 1997)

STAFF RECOMMENDATION

The staff recommends:

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1. That a Construction Fund Authorization in an amount of $900,000, not to (~xceed 75% of
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actual projeclt costs be recommended for the Blue Lake Owners Association to construct
a raw water irrigation system, and '

2. That the financing terms for this Construction Fund Authorization shall b~ at an annual
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percentage r3lte equal to the "High Income" rate for a municipality (as set by the CWCB
November 24 1997), for a duration of 30 years, and

3. That loan approval shall be contingent upon completion of the feasibility study, and
upon all standard contracting provisions of the CWCB, as determined bly the CWCB
Director, and '

4. That the loan may be used to refinance a project that has already been :completed, if
approved by lthe CWCB Director, and

5. That collateral for the loan shall be a security interest in the stream M assessment
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income deriv,~d by the Association, and a security interest in water rights owned by tll1e
Association. :

Action Taken by the CWCB November 24. 1997:

The CWCB approved the Staff Recommendation as presented above. The interest rate
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for the loan will be 5.75%.

Attachments
D:\mswordIBLOA97.memo