23b

• Board Meeting Date: 9/17/2008
• Description: CF Section - New Project Loans - Farmers Pawnee Canal Company - Ditch Flow Control Structures Project
• Board Meetings - Doc Type: Memo

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