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Raymond Dairy, Inc. <br />September 9, 2009 (UPDATED September 16, 2009) <br />Page 5 of 5 <br />Agenda Item 7c <br />Staff Recommendation (Board approved staff recommendation September 15, 2009) <br />Staff recommends the Board approve a loan, not to exceed $95,950 ($95,000 for project costs and <br />$950 for the 1% Loan Service Fee) for engineering and construction costs, to Raymond Dairy, Inc. <br />from the Construction Fund for the Raymond Ditch Reconstruction Proj ect. Following construction, <br />the staff further recommends the loan be amended to an amount not to exceed $63,950 ($63,000 for <br />the remaining balance of the Project and $950 for the Loan Service Fee). The loan terms shall be <br />20 years at the reduced agricultural rate of 2.5% per annum (2.75% reduced by 0.25% for a 20-year <br />term). Security for the loan shall be in compliance with CWCB Financial Policy #5. <br />Staff further recommends that no loan funds be disbursed until an account is set up with one annual <br />payment is set aside as the reserve account. <br />cc: Robert Raymond, Owner/President, Raymond Dairy, Inc. <br />Louie Hartbauer, NRCS <br />Susan Schneider, AGO <br />Attachment: Water Project Loan Program - Project Data Sheet <br />