23a

• Board Meeting Date: 9/17/2008
• Description: CF Section - New Project Loans - Ogilvy Augmentation Company - Well Augmentation Project
• Board Meetings - Doc Type: Memo

Ogilvy Augmentation Company Agenda Item 23a
September 9, 2008
Page 7 of 7
1) Revise the Debt Service Reserve Fund Provision to require two annual loan payments as
defined in the executed contract (one payment se t aside at the time of first draw of funds
and one third of an annual payment set aside at the time of each of th e first three annual
loan payments).
2) Bridge loan for $55,000 water rights purchase to be paid in full with proceeds from
CWCB loan.
3) CWCB will cap the initial disbursement of $523,584 (including the 1% Loan Service
Fee) for: preliminary engineering; the wa ter rights purchase of 6.0 shares of Greeley
Irrigation Company; the purchas e and installation of measuri ng control structures on the
wells; and the construction of the rechar ge facility. Upon wate r court approval of
augmentation plan, $487,224 (including the 1% Loan Service Fee) for the 50 acre-ft
lined storage reservoir can be disburse d. CWCB has the optio n of executing two
contracts as deemed necessary by CWCB staff.
4) Borrower shall make annual payments of inte rest accrued prior to substantial completion
of project.
5) If the water court application is denied or otherwise unsuccessful the Project will be
deemed substantially complete and the Borrower shall repay the amount of funds
disbursed, along with interest, in accordan ce with the loan contract provisions.
cc: Dennis Hoshiko, President, Ogilvy Augmentation Company
Doug Seely, Water Re sources Engineer
Duane Smith, Smith Geotechnical
Amy Stengel, AGO
Susan Schneider, AGO
Attachment: Water Project Loan Program – Project Data Sheet