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Supply Irrigating Ditch Company — Knouth Reservoir Agenda Item 18c <br />Updated March 21, 2008 <br />Page 5 of 5 <br />Staff Recommendation (Soard Approved Staff Recommendation, with one additional <br />condition noted below, on March 19th, 2008) <br />Staff recommends de-authorization of the previous Construction Fund loan to the Supply Irrigating <br />Ditch Company (approved January 16, 2001, Agenda Item l lb) for $1,700,000 for the rehabilitation <br />of the Knouth Reservoir project. <br />Staff also recommends the Board approve a loan not to exceed $904,960 ($896,000 for project costs <br />and $8,960 for the 1% Loan Service Fee) to the Supply Irrigating Ditch Company for project costs <br />associated with the Knouth Reservoir Dam Rehabilitation Project from the Severance Tax Trust <br />Fund Perpetual Base Account. The terms of the loan shall be a 30-year loan at 2.60% per annum. <br />Security for the loan shall be in compliance with CWCB Financial Policy #5. Staff recommends <br />approval of the loan be conditioned upon all other standard contracting provisions of the CWCB. <br />Staff further recommends approval of the loan be conditioned upon the following items prior to <br />contract execution: <br />1) Transfer of shares of storage in the Knouth Reservoir from the Knouth Reservoir Corporation <br />to Supply Irrigating Ditch Company far storage rights. <br />Board additionally requested approval of loan be conditioned upon SEO approval of plans. <br />Email copy: Dan Grant, Supply Irrigating Ditch Company, Secretary/Treasurer <br />Ed Toms, URS <br />Amy Stengel, AGO <br />Attachment: Water Project Loan Program — Project Data Sheet <br />