18c

• Board Meeting Date: 3/18/2008
• Description: CF Section - New Project Loans - Supply Irrigating Ditch Company - Knouth Reservoir Dam Rehabilitation
• Board Meetings - Doc Type: Memo

Supply Irrigating Ditch Company -Knouth Reservoir
March 11, 2D08
Page 5 of 5
Staff Recommendation
Agenda Item 18c
Staff recommends de-authorization of the previous Construction Fund loan to the Supply Irrigating
Ditch Company (approved January 16, 2001, Agenda Item l lb) for $1,700,000 for the rehabilitation
of the Knouth Reservoir project.
Staff also recommends the Board approve a loan not to exceed $904,960 ($896,000 for project costs
and $8,960 for the 1% Loan Service Fee) to the Supply Irrigating Ditch Company for project costs
associated with the Knouth Reservoir Dam Rehabilitation Project from the Severance Tax Trust
Fund Perpetual Base Account. The terms of the loan shall be a 30-year loan at 2.60% per annum.
Security for the loan shall be in compliance with CWCB Financial Policy #5. Staff recommends
approval of the loan be conditioned upon all other standard contracting provisions of the CWCB.
Staff further recommends approval of the loan be conditioned upon the following items prior to
contract execution:
1) Transfer of shares of storage in the Knouth Reservoir from the Knouth Reservoir Corporation
to Supply Irrigating Ditch Company for storage rights.
Email copy: Dan Grant, Supply Irrigating Ditch Company, Secretary/Treasurer
Ed Toms, URS
Amy Stengel, AGO
Attachment Water Project Loan Program Project Data Sheet