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<br />Excelsior Irrigating Company <br />September 22-24, 2003 <br /> <br />Consent Agenda Item 4a <br /> <br />structure. At the current appraised value of $1338 per share, the 500 shares would provide <br />$669,000 in collateral. This action would provide Mr. Evans some future financial flexibility with his <br />farm operation, as well as avoid the prospect of future CWCS loan contract amendment requests. If <br />approved, the total collateral release would be 1,376 shares of EIC. <br /> <br />Recommendation <br /> <br />Staff recommends that the Board authorize the release of 1376 shares of stock in the Excelsior <br />Irrigating Company owned by Mr. C.R. (Dick) Evans, that are being used as collateral on Excelsior <br />Irrigating Company's Loan Contract No. C153748 and Loan Contract No. C153797. <br /> <br />Staff further recommends that the release be conditioned upon all other standard contracting <br />provisions of the CWCS, including a $1,000 fee per Contract Amendment (for a total fee of $2,000), <br />in accordance with CWCS Policy #16 (for partial releases not included in the terms of the loan <br />contract. ) <br /> <br />cc: Mr. Loren Hawkins, President, Excelsior Irrigating Company <br />Mr. Tom Dines, Vice-President, AGUA <br />Michell Matthews, Tetra Tech RMC <br />Linda Bassi, AGO <br /> <br />Action Taken bv the CWCB on SeDtember 22. 2003 <br /> <br />The CWCB approved the Staff Recommendation. <br /> <br />Page 3 of3 <br />