Agenda Item 3

• Board Meeting Date: 3/18/2008
• Description: Summary Minutes and Record of Decisions - January 22-23, 2008
• Board Meetings - Doc Type: Memo

Fund. The loan amount shall at no time exceed 90% of Project expenses. The terms of
the loan shall be a 30-year loan at 3.50% per annum. Security for the loan shall be in
compliance with CWCB Financial Policy #5. Staff further recommends that final
approval of the loan be conditioned upon all other standard contracting provision of the
CWCB. In addition, the following Supplemental Loan Contract Conditions shall apply:
1) If any parcel of land purchased with CWCB loan funds is sold in part (or whole), the
proceeds generated from the sale in excess of the expenses of the sale shall be applied to
the remaining balance of the CWCB loan within 6 months of the date of sale. Annual
payments shall remain unchanged unless the loan contract is amended as described in the
contract documents.
2) CWCB disbursements for the purchase of the Laverty property shall not be made until
an appraisal is performed by a Colorado Certified General Appraiser and submitted to
CWCB. The motion was approved unanimously (10-0).
l lb. Water Supply Planning and Finance Section -Construction Fund and Severance Tax Trust Fund
Perpetual Base Account -New Loans -Town of Bennett -Well #5 Replacement Project
Action: A motion was made by Eric Wilkinson and seconded by Barbara Biggs to approve Staff
recommendation that the Board approve a loan not to exceed $252,500 ($250,000 for
project costs and $2,500 for the 1 % Loan Service Fee) to the Town of Bennett acting by
and through its Water Enterprise Fund for projects costs (not to exceed 90% of the total
cost) to replace Well #5 from the Construction Fund. The recommended terms of the
loan are 30 years at 3.5% per annum. Security for the loan will be per the CWCB
Financial Policy #5. Staff further recommends that final approval of the loan be
conditioned upon all other standard contracting provision of the CWCB. The motion was
approved unanimously (10-0).
l lc. Water Supply Planning and Finance Section -Construction Fund and Severance Tax Trust Fund
Perpetual Base Account -New Loans -Lower Arkansas Water Management Association
(LAWMA) Keesee Ditch Water Rights Acquisition
Action: A motion was made by Carl Trick and seconded by Harold Miskel to approve Staff
recommendation that the Board approve a loan not to exceed $2,494,700 ($2,470,000 for
water rights purchase and $24,700 for the 1% Loan Service Fee) to the Lower Arkansas
Water Management Association, from the CWCB Construction Fund, to purchase the
remaining 1/2 of the Keesee water rights for use as a replacement water source to offset
depletions from well pumping. The recommended term of the loan is 30 years with a
recommended blended lending rate of 2.3% per annum. Security for the loan shall be in
compliance with CWCB Financial Policy #5. Staff further recommends that final
approval of the loan be conditional upon all other standard contracting provision of the
CWCB. In addition, the following Supplemental Loan Contract Conditions shall apply:
1) If any water rights purchased with CWCB loan funds is sold in part (or whole), the
proceeds generated fi-om that sale in excess of the expenses of that sale shall be applied to
the remaining balance of the CWCB loan within months of the date of sale. Annual
payments shall remain unchanged unless the loan contract is amended as described in the
contract documents. The motion was approved unanimously (10-0).
l ld. Water Supply Planning and Finance Section -Construction Fund and Severance Tax Trust Fund
Perpetual Base Account -New Loans -Republican River Water Conservation District -
Republican River- Compact Compliance Pipeline Project
Action: A motion was made by Harold Miskel and seconded by John Redifer to approve Staff
recommendation that the Board approve a loan not to exceed $60,600,000 ($60,000,000
for project costs and $600,000 for the 1% Loan Service Fee) to the Republican River
Water Conservation District acting by and through its Water Activity Enterprise for
project costs associated with the Compact Compliance Pipeline Project from the
Severance Tax Trust Fund Perpetual Base Account. The loan amount shall at no time