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North Sterling Irrigation Disfict Agenda Item 17d <br />May 12, 2009 (UPDATED May 22, 2009) <br />Page 6 of 6 <br />Staff Recommendation (Board approved staff recommendation on May 19, 2009) <br />Staff recommends the Board approve a loan not to exceed $1,094,840 ($1,084,000 for Project <br />costs and $10,840 for the 1% Loan Service Fee) to the North Sterling Irrigation District to <br />eonstruct its Dam and Spillway Improvement Project from the Construction Fund. The loan <br />terms shall be 20 years at the agricultural interest rate of 2.25% per annum. Security for the loan <br />shall be in compliance with CWCB Financial Policy #5. <br />Staff further recommends an additional approval condition requiring the District to hold an <br />election to obtain voter approval of the debt service prior to contracting with the CWCB. <br />cc: James Yahn, P.E., North Sterling Irrigation District <br />James Ferentchak, P.E., W.W. Wheeler & Associates <br />Susan Schneider, AGO <br />Attachment: Proj ect Data Sheet <br />