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<br />Headgate 135 Lateral, Inc. <br />July 15,2008 (Revised July 25, 2008) <br />Page 5 of 5 <br /> <br />Agenda Item 16b <br /> <br />Staff Recommendation (Board Approved Staff Decision on July 23, 2008) <br /> <br />Staff recommends the Board approve a loan, not to exceed $262,600 ($260,000 for project costs and <br />$2,600 for the 1 % Loan Service Fee) for engineering and construction costs, to the Headgate 135 <br />Lateral Inc. from the Severance Tax Trust Fund Perpetual Base Account as it relates to the Headgate <br />135 Pipeline Proj ect. Following construction, the staff further recommends the loan be amended to an <br />amount not to exceed $136,600 ($134,000 for the remaining balance of the Project and $2,600 for the <br />Loan Service Fee) with terms based on the current low-income municipal rate of30 years at 3.50% per <br />annum. Security for the loan will be collateral in compliance with CWCB Financial Policy No.5. <br /> <br />Staff further recommends that execution of the CWCB loan contract be conditioned upon having an <br />executed USDA Conservation Program Contract. <br /> <br />cc: Gordon Barker, President, Headgate 135 Lateral, Inc. <br />Amy Stengel, AGO <br />Susan Schneider, AGO <br /> <br />Attachment: Water Project Loan Program - Project Data Sheet <br />