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<br />As security for the loan, the Beaver Reservoir Company will continue to pledge assessment <br />revenues backed by an assessment covenant and a security interest in the Beaver Reservoir and two <br />storage rights totaling 1,620 acre-feet. <br /> <br />STAFF RECOMMENDATIONS: <br /> <br />Staff recommends that the Board approve a loan increase of $25,250 ($25,000 for project costs and <br />$250 for the 1 % loan origination fee, in accordance with CWCB Financial Policy No. 16) to the <br />Beaver Reservoir Company, from the Severance Tax Trust Fund Perpetual Base Account. The <br />additional $25,250 increment of funding would be for 30-years at the present lending rate of 2.5%. <br />Security for the loan will be a pledge of assessment revenues backed by assessment covenant and a <br />security interest in the Beaver Reservoir and two storage rights totaling 1,620 acre-feet, in <br />accordance with Policy No.5 <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all standard- <br />contracting provisions ofthe CWCB. <br /> <br />ACTION TAKEN BY THE CWCB BOARD ON SEPTEMBER 19. 2006 <br />Board approved staff recommendation. <br /> <br />cc: Jim Briscoe, Secretary/Treasurer - Beaver Reservoir Company <br />Vaughn McWilliams, CWCB <br />Amy Stengel, AGO <br /> <br />3 <br />