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~ <br />Financial Analysis <br />The District's financial ratios will remain in the strong to average category. The District's <br />annualized cost to deliver 58,300 acre-feet will only increase from $0.50 to $0.54 per acre-foot. <br />The District's existing CWCB loan (C 153723), with an outstanding balance of approximately <br />$350,000, is in good standing. <br />As security for this loan, the Company will continue to pledge assessment revenues backed by an <br />assessment covenant. This security is in compliance with CWCB Loan Policy #5 (Collateral). <br />Staff Recommendation <br />Staffrecommends a loan increase not to exceed $60,000($59,400 for project costs and $600 for the <br />1% Loan Service Fee) to the District for engineering and construction costs associated with the <br />Stokes Gulch Siphon Project, from the Severance T~ Trust Fund Perpetual Base Account. . The <br />District's amended total loan amount will be $600,000($594,060 for the total project costs and <br />$5,940 for the 1% loan origination fee). The terms shall be based on their previous rate of 2.5% per <br />annum for 30-years. Final approval of the loan shall be conditioned upon all standard contracting <br />provisions of the CWCB Loan Program. Security for the loan shall be collateral in compliance with <br />CWCB Loan Policy #5. <br />ACTION TAKEN BY THE CWCB BOARD ON MAY 21, 2008. <br />Board approved staff recommendation. <br />cc: Rita Crumpton, Manager, D~strict <br />Vaughn McWilliams, CWCB <br />Steve Biondo, CWCB <br />Susan Schneider, AGO <br />Amy Stengel, AGO <br />Attachment <br />