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Silt Water Conservancy District Agenda Item 21d. <br />July 28-29, 2003 (Updated August 4, 2003) <br />As security for the loan the SWCD will pledge assessment revenues backed by assessment <br />covenant. This security is in compliance with CWCB Loan Policy #5 (Collateral). The SWCD is <br />considered a governmental entity, and is subject to Tabor. The District has established a Water <br />Activity Enterprise to contract for the loan. <br />Recommendation <br />Staff recommends a CWCB Small Project loan from the Construction Fund in an amount of <br />$1,019,700 to the Silt Water Conservancy District acting by and through the Silt Water Conservancy <br />District Water Activity Enterprise for up to 90% of the costs complete general rehabilitation of <br />system infrastructure. The recommended term of the loan is 30 years and the lending rate is 2.5% <br />(2.577% Annual Percentage Rate). Security for the loan will be a pledge assessment revenues <br />backed by assessment covenant, in accordance with CWCB Loan Policy #5 (Collateral). <br />Staff further recommends that final approval of the loan be conditioned upon all standard contracting <br />provisions of the.CWCB, including the 1% loan origination fee charged in accordance with CWCB <br />Policy #16. The maximum loan amount may be increased to $1,029,897 if the borrower elects to <br />finance the 1% loan service charge. <br />Action taken bv the CWCB Julv 28, 2003 <br />The CWCB approved the staff recommendation. <br />cc: Norman Hunt, President, Silt Water Conservancy District, PO Box 8, Silt, CO 81652 <br />Linda Bassi, AGO <br />Attachment <br />C:\Proj-New\SiItWCD703memo L:�boardmemWuly03�21d-Silt WCD <br />4 <br />