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3/26/2010 2:10:07 PM
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10/16/2008 10:44:20 AM
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Board Meetings
Board Meeting Date
3/18/2008
Description
Summary Minutes and Record of Decisions - March 18-19, 2008
Board Meetings - Doc Type
Minutes
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Perpetual Base Account New Loan -Loveland Lake and [)itch Company [..oveland Reservoir <br />Inlet Improvements <br />'I~apc 3, 'T'rack I U 1:12:01 01:17:20 <br />Action: A motion was made by Eric Wilkinson and seconded by Keith Catlin to approve Staff <br />recommendation that the Board approve a loan not to exceed $106,050 ($105,000 fir <br />project costs and $1,050 for the 1% Loan Service Fec) to the Loveland Lake and Ditch <br />Company for project costs associated with the Loveland Reservoir Inlet Improvement <br />Project ti•om the Severance "I'ax "Trust Fund Perpetual Base Account. 'The terms of the <br />loan shall be a 20-year loan at 2.20'%~ per annum. Security for the loan shall he in <br />compliance with CWCB Financial Policy 5. Staff further recommends that final approval <br />of the loan he conditioned upon all other standard contracting provision of the ('W('B. <br />Staff also recommends that the CWCB contract include a clause requiring the company <br />to pay their $SU,000 bridge loan in full with proceeds from the C'W('B loan. Barbara <br />Biggs were not present for this motion. "I'he motion was approved unanimously (8-0). <br />18b. Water Supply Planning and Finance Section - Construction Fund and Severance Tax "Trust Fund <br />Perpetual Base Account -New Loan Lower Latham Reservoir Company Well Augmentation <br />Project <br />I'apc 3, "!'rack I 01:17:21 ~ OI :29:52 <br />Action: A motion was made by f:ric Wilkinson and seconded by C art "Frick to approve staff <br />recommendation that the Board approve a loan not to exceed $670,640 ($664,000 for <br />project costs and $6640 for the 1% Loan Service Fee) to the Lower Latham Reservoir <br />Company for the Wcll Augmentation Project (Phase ll) from the Severance "I'ax "!'rust <br />hand Perpetual Base Account. The terms of the loan shall be a 30-year loan at 2.25% per <br />annum. Security for the loan shall be in compliance with (`WC'B Financial Policy #5. <br />Stati~ further recommends approval of the loan to be conditioned upon all other standard <br />contracting provisions of the CWCB and the addition of the following condition in the <br />('WCB loan contract: <br />(a) 'Che borrower shall apply all CWCB disbursements for purchase of the Lower <br />Latham Uitch Company shares related to the Schmidt farm water rights towards the <br />balance of the line of credit bridge loan. <br />Barbara Biggs was not present for this motion. The motion was approved unanimously <br />(8-0). <br />18c. Water Supply Planning and Finance Section -Construction Fund and Severance Tax 'T'rust Fund <br />Perpetual Base Account -New Loan -Supply Irrigating Uitch Company Knouth Reservoir <br />Dam Rehabilitation <br />'Cape 3, "Track 1 O l :29:53 01:41:44 <br />Action: A motion was made by Eric Wilkinson and seconded by Don Schwind( to approve staff <br />recommendations that the Board approve a loan not to exceed $904,960 ($896,000 for <br />project costs and $8,960 for the 1% Loan Service Fee) to the Supply Irrigating Ditch <br />Company tier project costs associated with the Knouth Reservoir Dam Rehabilitation <br />Project from the Severance Tax 'I'nist hand Perpetual Base Account. "fhe terms of the <br />loan shall be a 30-year loan at 2.G0`% per annum. Security for the loan shall be in <br />compliance with C'WC'B Financial Policy #S. Staff recommends approval of the loan be <br />conditioned upon all other standard contracting provisions of the ('WCB. Staff further <br />recommends approval of the loan be conditioned upon the following prior to contract <br />execution: <br />(a) "Transfer of shares of storage in the Knouth Reservoir from the Knouth Reservoir <br />Corporation to Supply Irrigating [)itch ('ompany for storage rights. <br />"The Board amended stat7~recommendation to include the loan be contingent upon <br />approval of plans and specifications for the rehabilitation of the structure by the State <br />Engineers Office. Barbara Biggs was not present for this motion. The motion was <br />approved unanimously (8-0). <br />
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