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The HuerfanaCucharas Irrigation Company <br />May 12, 2009 (UPDATED May 22, 2009) <br />Page 7 of 7 <br />Agenda Item 17h <br />Staff Recommendation (Board approved staff recommendation on May 19, 2009) <br />Staff recominends the Board approve a loan not to exceed $1,622,060 ($1,606,000 for project costs <br />and $16,060 for the 1% Loan Service Fee) to the Huerfano-Cucharas Irrigation Company for its <br />Cucharas Reservoir Rehabilitation Project from the Severance Tax Trust Fund Perpetual Base <br />Account. The loan terms shall be 30 years at the agricultural interest rate of 2.5% per annum. <br />Security for the loan shall be in compliance with CWCB Financial Policy #5. <br />Additional contract condition: The CWCB will not disburse funds until the SEO has approved the <br />Project. <br />Email copy: Mike Rinks, President Huerfano-Cucharas Irrigation Company <br />Mike Graber, P.E., Applegate Group, Inc. <br />Susan Schneider, AGO <br />Attachment: Water Project Construction Loan Program — Project Data Sheet <br />