Final and Approved September 2008 Minutes

• Board Meeting Date: 9/16/2008
• Description: Summary Minutes and Record of Decisions - September 16-17, 2008
• Board Meetings - Doc Type: Minutes

Action: A motion was made by Eric Wilkinson and seconded by Reed Dils to approve
staff recomm endation that the Board approve funding up to $101,740 and $25,435
from the South Platte Basin Account and $76,305 from the Statewide Account ,
contingent on resolution of the item in the issues/additional needs section of the
board memo. Geoff Blakeslee was not available for this motion. The motion was
approved unanimously (7 - 0).

t. Summit Reservoir & Irrigation Company MVIC Summit Irrigation Company
Feasibility Study (Phase 1)
Tape 1, Track 3 02:59:55 03:07:24
Action: A motion was made by Carl Trick and seconded by Bruce Whitehead to appr ove
staff recommendation that the Board approve funding up to $39, 300 from the
Southwest Basin Account to help complete Phase 1 of the MVIC Summit
Irrigation Company Feasibility Study, contingent on resolution of the items in the
issues/additional needs section of the board memo. The moti on was approved (7 -
1 ).

u. Town of Yampa Town of Yampa Water Facilities Plan and Storage Tank
Upgrades
Tape 1, Track 3 03:07:24 03:11:46
Action: A motion was made by Geoff Blakeslee and seconded by Carl Trick to a pprove
staff recommendation that the Board approve fund ing up to $61,062 from the
Yampa/White Basin Account to help fund the Town of Yampa Water Facilities
Plan and Storage Tank Upgrades, contingent on resolution of the item in the
issues/additional needs section of the board memo. The motion was approved
unanimously (8 - 0).

v. Moffat County Sand Wash Basin Coal Bed Methane Production Depletive
Effects on Water Resources Study
Tape 1, Track 3 03:11:47 03:20:58
Action: A motion was made by John Redif er and seconded by Carl Trick to table this
application to be reconsidered at the November 2008 CWCB Board meeting.

shown above (Under Agenda Item #22). The motion was appr oved (7 - 1).

23. Water Supply Planning and Finance Section New Project Loans
a. Ogilvy Augmentation Company Well Augmentation Project
Tape 1, Track 3 03:20:59 03:29:57
Action: A motion was made by Eric Wilkinson and seconded by Carl Trick to appro ve
staff recommendation that the Board approve a loan not to exceed $1,010,808
($1 ,000,800 for project costs and $ 10,008 for the 1% Loan Service Fee) to the
Ogilvy Augmentation Company for the Well Augmentation Project from the
Severance Tax Trust Fund Per petual Base Account. The terms of the loan shall
be a 30 - year loan at 2.5% per annum. Security for the loan shall be in compliance
with CWCB Financial Policy #5 (Collateral). CWCB staff further recommends
additional contract provisions as follows:
1) Revise the Debt Service Reserve Fund Provision to require two annual loan
payments as defined in the executed contract (on payment set aside at the time of
first draw of funds and one third of an annual payment set aside at the time of
each of the first t hree annual loan payments).
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