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<br />- . ~ <br /> <br />Bull Creek Reservoir, Canal & Power Company <br />September 7,2004 <br />Page 5 of 5 <br /> <br />Agenda Item 4d <br /> <br />Staff Recommendation <br /> <br />Staff recommends a loan not to exceed $599,940 ($594,000 for project costs and $5,940 for the 1 % <br />Loan Service Fee) to the Bull Creek Reservoir, Canal and Power Company for engineering and <br />construction costs associated with the Bull Creek Reservoir Nos. 1, 2 and 4 Rehabilitation and <br />Enlargement Project, including payment of the current Palisades National Bank loan and other <br />expenses already incurred, from the Severance Tax Trust Fund Perpetual Base Account. The terms <br />shall be based on the current agricultural rate of 2.50% per annum for a 30-year term. Final approval of <br />the loan shall be conditioned upon all standard contracting provisions of the CWCB Loan Program and <br />SEO/Division Engineer approval of the deadline extension for the Stipulation and Agreement <br />compliance. Security for the loan shall be collateral in compliance with CWCB Loan Policy #5. <br /> <br />Action Taken bv the CWCB on SeDtember 14. 2004 <br />The CWCB approved the Staff Recommendation as written. <br /> <br />Email copy: <br /> <br />Irv D. Johnson, Company President <br />Paul Currier, PE, Water Resources Consultants, LLC <br />John Sikora, SEa Division 5 Assistant Division Engineer <br />Garrett Jackson SEa Division 5 Dam Safety <br />Amy Stengel, AGO <br /> <br />Attachment: Water Project Construction Loan Program - Project Data Sheet <br />