Laserfiche WebLink
<br />Ogilvy Augmentation Company <br />Updated September 19,2008 <br />Page 7 of? <br /> <br />Agenda Item 23a <br /> <br />1) Revise the Debt Service Reserve Fund Provision to require two annual loan payments as <br />defined in the executed contract (one payment set aside at the time of first draw of funds <br />and one third of an annual payment set aside at the time of each of the first three annual <br />loan payments). <br /> <br />2) Bridge loan for $55,000 water rights purchase to be paid in full with proceeds from <br />CWCB loan. <br /> <br />3) CWCB will cap the initial disbursement of$523,584 (including the 1 % Loan Service <br />Fee) for: preliminary engineering; the water rights purchase of 6.0 shares of Greeley <br />Irrigation Company; the purchase and installation of measuring control structures on the <br />wells; and the construction of the recharge facility. Upon water court approval of <br />augmentation plan, $487,224 (including the 1 % Loan Service Fee) for the 50 acre-ft <br />lined storage reservoir can be disbursed. CWCB has the option of executing two <br />contracts as deemed necessary by CWCB staff. <br /> <br />4) Borrower shall make annual payments of interest accrued prior to substantial completion <br />of project. <br /> <br />5) If the water court application is denied or otherwise unsuccessful the Project will be <br />deemed substantially complete and the Borrower shall repay the amount of funds <br />disbursed, along with interest, in accordance with the loan contract provisions. <br /> <br />cc: Dennis Hoshiko, President, Ogilvy Augmentation Company <br />Doug Seely, Water Resources Engineer <br />Duane Smith, Smith Geotechnical <br />Amy Stengel, AGO <br />Susan Schneider, AGO <br /> <br />Attachment: Water Project Loan Program - Project Data Sheet <br />