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<br />San Luis Valley Water Conservancy District <br />July 15, 2008 <br />Page 6 of 6 <br /> <br />Agenda Item l6c <br /> <br />Staff Recommendation (Board Approved Staff Recommendation on July 23, 2008) <br /> <br />Staff recommends the Board approve a loan not to exceed $727,200 ($720,000 for project costs and <br />$7,200 for the 1 % Loan Service Fee) to the San Luis Valley Water Conservancy District - Water <br />Activity Enterprise for the Water Rights Acquisition Project from the Severance Tax Trust Fund <br />Perpetual Base Account. The terms of the loan shall be a 30-year loan at 3.5% per annum. Security <br />for the loan shall be in compliance with CWCB Financial Policy #5. <br /> <br />Staff further recommends the addition of the following condition in the CWCB Loan Contract: <br /> <br />San Luis Valley Water Conservancy District shall have a lease agreement in-place for <br />storage of the water acquired through this loan purchase prior to disbursement of funds from <br />theCWCB. <br /> <br />cc: Mike Gibson, Manager, San Luis Valley Water Conservancy District <br />Allen Davey, Davis Engineering, Inc. <br />Amy Stengel, AGO <br />Susan Schneider, AGO <br /> <br />Attachment: Water Project Loan Program - Project Data Sheet <br />