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Wood Lake Mutuat Water and Irrigation Company <br />January 23-24, 2007 <br />The assessments for the years 2001 to 2006 are summarized as follows. <br />Year Assessment <br />2006 $ 37 <br />2005 $ 25 <br />2004 $ 48 <br />Year Assessment <br />2003 $ 30 <br />2002 $ 30 <br />2001 $ 30 <br />Agenda Item 9g <br />The ratio of Cash Reserves to Current Expense is in the weak category, but it is fairly typical <br />practice for ditch companies, and other irrigation organizations, not to carry large cash reserves <br />from year to year. <br />Collateral - As security for the loan, the WLIC will pledge its annual assessment revenues <br />backed by an assessment covenant, and the Angel Lake reservoir. This is in compliance with <br />CWCB Loan Policy #5 (Collateral). <br />Recommendation <br />Staff recommends that the Board approve a loan not to exceed $ 212,706 ($210,600 for project <br />costs and $2,106 for the 1% Loan Service Fee in accordance with CWCB Loan Policy #16), to the <br />Wood Lake Mutual Water and Irrigation Company from the Severance Tax Trust Fund Perpetual <br />Base Account, to replace the existing outlet works and spillway for Angel Lake. The recommended <br />terms of the loan are 30 years at 2.50% per annum. Security for the loan will be a pledge of <br />assessment revenues backed by an assessment covenant, and the Angel Lake reservoir. <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. <br />cc: Gary Booth, President, Wood Lake Mutual Water and Irrigation Company <br />Duane Smith, P.E., Smith Geotechnical <br />Amy Stengel, AGO <br />Attachment <br />Action Taken bv the CWCB on Janurarv 23, 2007 <br />The CWCB approved the Staff Recommendation. <br />5 of 5 <br />