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Perpetual Base Account -New Loan -Loveland Lake and Ditch Company -Loveland Reservoir <br />Inlet Improvements <br />Tape 3, Track 1 Ol :12:01- Ol :17:20 <br />Action: A motion was made by Eric Wilkinson and seconded by Keith Catlin to approve Staff <br />recommendation that the Board approve a loan not to exceed $106,050 ($105,000 for <br />project costs and $1,050 for the 1% Loan Service Fee) to the Loveland Lake and Ditch <br />Company for project costs associated with the Loveland Reservoir Inlet Improvement <br />Project from the Severance Tax Trust Fund Perpetual Base Account. The terms of the <br />loan shall be a 20-year loan at 2.20% per annum. Security for the loan shall be in <br />compliance with CWCB Financial Policy 5. Staff further recommends that final approval <br />of the loan be conditioned upon all other standard contracting provision of the CWCB. <br />Staff also recommends that the CWCB contract include a clause requiring the company <br />to pay their $50,000 bridge loan in full with proceeds from the CWCB loan. Barbara <br />Biggs were not present for this motion. The motion was approved unanimously (8-0). <br />18b. Water Supply Planning and Finance Section -Construction Fund and Severance Tax Trust Fund <br />Perpetual Base Account -New Loan -Lower Latham Reservoir Company -Well Augmentation <br />Project <br />Tape 3, Track 1 01:17:21 - 01:29:52 <br />Action: A motion was made by Eric Wilkinson and seconded by Carl Trick to approve staff <br />recommendation that the Board approve a loan not to exceed $670,640 ($664,000 for <br />project costs and $6640 for the 1% Loan Service Fee) to the Lower Latham Reservoir <br />Company for the Well Augmentation Project (Phase II) from the Severance Tax Trust <br />Fund Perpetual Base Account. The terms of the loan shall be a 30-year loan at 2.25% per <br />annum. Security for the loan shall be in compliance with CWCB Financial Policy #5. <br />Staff further recommends approval of the loan to be conditioned upon all other standard <br />contracting provisions of the CWCB and the addition of the following condition in the <br />CWCB loan contract: <br />(a) The borrower shall apply all CWCB disbursements for purchase of the Lower <br />Latham Ditch Company shares related to the Schmidt farm water rights towards the <br />balance of the line of credit bridge loan. <br />Barbara Biggs was not present for this motion. The motion was approved unanimously <br />(8-0). <br />18c. Water Supply Planning and Finance Section -Construction Fund and Severance Tax Trust Fund <br />Perpetual Base Account -New Loan -Supply Irrigating Ditch Company -Knouth Reservoir <br />Dam Rehabilitation <br />Tape 3, Track 1 Ol :29:53 - Ol :41:44 <br />Action: A motion was made by Eric Wilkinson and seconded by Don Schwindt to approve staff <br />recommendations that the Board approve a loan not to exceed $904,960 ($896,000 for <br />project costs and $8,960 for the 1% Loan Service Fee) to the Supply Irrigating Ditch <br />Company for project costs associated with the Knouth Reservoir Dam Rehabilitation <br />Project from the Severance Tax Trust Fund Perpetual Base Account. The terms of the <br />loan shall be a 30-year loan at 2.60% per annum. Security for the loan shall be in <br />compliance with CWCB Financial Policy #5. Staff recommends approval of the loan be <br />conditioned upon all other standard contracting provisions of the CWCB. Staff further <br />recommends approval of the loan be conditioned upon the following prior to contract <br />execution: <br />(a) Transfer of shares of storage in the Knouth Reservoir from the Knouth Reservoir <br />Corporation to Supply Irrigating Ditch Company for storage rights. <br />The Board amended staff recommendation to include the loan be contingent upon <br />approval of plans and specifications for the rehabilitation of the structure by the State <br />Engineers Office. Barbara Biggs was not present for this motion. The motion was <br />approved unanimously (8-0). <br />6 <br />