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PROJC01797 (2)
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PROJC01797 (2)
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Last modified
10/11/2011 3:47:57 PM
Creation date
7/9/2008 9:29:08 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150265
Contractor Name
Supply Irrigating Ditch Company
Contract Type
Loan
Water District
0
County
Boulder
Loan Projects - Doc Type
Approval Letter
Supplemental fields
Water Division
1
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�' J <br />Collateral: As security for the loan, the District will continue to pledge its assessment revenues. <br />This is in compliance with CWCB Financial Policy #5 (Collateral). <br />Recommendation <br />Staff recommends that the Board approve an increase of $610,040 ($604,000 for project costs <br />and $6,040 for a 1% Loan Service Fee) to the Company from the Severance Tax Trust Fund <br />Perpetual Base Account at its current interest rate of 2.6% for 30 years. The Company's total <br />amended loan amount will be $1,515,000 ($1,500,000 for project costs and $15,000 for a 1% <br />Loan Service Fee) for the rehabilitation of Knouth Reservoir. Security for the loan shall be <br />collateral in compliance with CWCB Loan Policy No. 5. <br />Staff further recommends the following conditions that will supersede all previous conditions: <br />1) To utilize CWCB funding in a timely manner, the Company will have a one-year time <br />limit from the time of CWCB approval to execute a funding contract. If a contract is not <br />executed within one year of Board approval, the $1,515,000 will be de-authorized unless <br />the Board specifically approves a time extension. <br />2) Prior to contract execution: <br />a. The Brand Family's storage decree in Knouth Reservoir shall be transferred to the <br />Knouth Reservoir Corporation. <br />b. The Company will provide to the CWCB executed copies of its corporate <br />documents to verify the legal formation of the Knouth Reservoir Corporation. <br />3) The loan contract shall have the following provision: <br />a. As identified in the separate Memorandum of Understanding between the <br />Company and the Little Thompson Water District (District), the District shall pay <br />the Company over a 5 year period for its portion of the Knouth Reservoir <br />Rehabilitation Project. With the exception of the first payment, all payments <br />received by the Company from the District will be sent to CWCB within 60 days <br />of receipt of the funds, to repay the Company's loan. <br />c: Dan Grant, Secretary — Supply Irrigating Ditch Company <br />Susan Schneider, AGO <br />ACTION TAKEN BY THE CWCB BOARD ON NOVEMBER 18, 2009 <br />Board Approved Staff Recommendation with the following additional condition: <br />The Borrower shall assign its capital stock in Knouth Reservoir Corporation as collateral to CWCB. <br />
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