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

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; th e water rights purchase of 6.0 shares
of Greeley Irrigation Company; the purchase and installation of measuring control
structures on the wells; and the construction of the recharge facility. Upon water
court approval of augmentation plan, $487,224 (inclu ding the 1% Loan Service
Fee) for the 50 acre - ft lined storage reservoir can be disbursed. CWCB staff has
the option of executing two contracts as deemed necessary by CWCB staff.
4) Borrower shall make annual payments of interest accrued prior to subst antial
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 accordance with th e loan contract
provisions.
The motion was approved unanimously (8 - 0).

b. Farmers Pawnee Canal Company Ditch Flow Control Structures Project
Tape 1, Track 3 03:29:58 03:34:22
A motion was made by Eric Wilkinson and seconded by Carl Trick to approve
staff recommendation that 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
Farmers Pawnee Canal Company for the Ditch Flow Control Structures Project
from the Severance Tax T rust Fund Perpetual 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.
The motion was approved unanimously (8 - 0).

c. WRCC, Inc. Windsor Dam a nd Spillway Maintenance Project
Tape 1, Track 3 03:34:23 03:41:08
Action: A motion was made by Eric Wilkinson and seconded by Keith Catlin to approve
staff recommendation that the Board approve a loan not to exceed $1,285,730
($1,273,000 for project co sts and $12,730 for the 1% Loan Service Fee) to
WRCC, Inc. for the Windsor Dam and Spillway Maintenance Project from the
Severance Tax Trust Fund Perpetual Base Account. The terms of the loan shall
be a 30 - year loan at blended rate of 2.55% per annum. Se curity for the loan shall
be in compliance with CWCB Financial Policy #5. CWCB staff further
recommends an additional contract condition requiring full payment of the
Farmers Bank bridge loan with proceeds from the CWCB funds.
The motion was approved unanimously (8 - 0).

A motion was made by Geoff Blakeslee and seconded by Reed Dils to adjourn the
CWCB Board meeting. The motion was approved unanimously (8 - 0).

ADJOURNED 5:3 0 p.m.
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