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Lake Canal Rescrvoir Company <br />September 9, 2009 (UPDATED September 16, 2009) <br />Page 5 of 5 <br />Agenda Item 7b <br />Staff Recommendation (Board approved Staff Recommendation on September 16, 2009) <br />Staff recommends the Board approve a loan not to exceed $393,900 ($390,000 for project costs and <br />$3,900 for the 1% Loan Service Fee) to the Lake Canal Reservoir Company for the South Gray <br />Reservoir Rehabilitation & Gray No. 3 Breach from the Construction Fund. The loan terms shall be <br />an interest rate of 3.15% per annum for 30 years. Security for the loan shall be in compliance with <br />CWCB Financial Policy #5. <br />cc: Don Magnuson, Superintendent <br />Duane Smith, PE, Smith Geotechnical Engineering <br />Susan Schneider, AGO <br />Attachment: Water Project Loan Program - Project Data Sheet <br />