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<br />Farmers Pawnee Canal Company <br />Updated September] 9, 2008 <br />Page 5 of5 <br /> <br />Agenda Item 23b <br /> <br />Collateral - As security for the loan, the Company will pledge assessment revenues. The pledge <br />shall be backed by a rate covenant. This is in compliance with CWCB Financial Policy #5 <br />(Collateral). <br /> <br />Staff Recommendation (Board approved Staff recommendation on September 17, 2008) <br /> <br />Staff recommends the Board approve a loan not to exceed $227,250 ($225,000 for project costs and <br />$2,250 for the 1 % Loan Service Fee) to the Farmers Pawnee Canal Company for the Ditch Flow <br />Control Structures Project from the Severance Tax Trust Fund Perpetual Base Account. The terms <br />of the loan shall be a 30-year loan at 2.5% per annum. Security for the loan shall be in compliance <br />with CWCB Financial Policy #5. <br /> <br />cc: John Guenzi, Member, Farmers Pawnee Canal Company <br />Brent Nation, Nation Engineering Services, LLC <br />Amy Stengel, AGO <br />Susan Schneider, AGO <br /> <br />Attachment: Water Project Loan Program - Project Data Sheet <br />