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Agenda Item 17b. <br />November 24, 1997 (Updated December 3, 1997) <br />Page 3 <br />STAFF RECOMMENDATION <br />The staff recommends: <br />1. That a Construction Fund Authorization in an amount of $900,000, not to exceed 75% of <br />actual project costs be recommended for the Blue Lake Owners Association to construct <br />a raw water irrigation system, and <br />2. That the fmancing terms for this Construction �nd Authorization shall be at an annual <br />percentage rate equal to the "High Income" rate for a municipality (as set by the CWCB <br />November 241997), for a duration of 30 years, and <br />3. That loan approval shall be contingent upon completion of the feasibility study, and <br />upon all standard contracting provisions of the CWCB, as determined by the CWCB <br />Director, and <br />4. That the loan may be used to refinance a project that has already been completed, if <br />approved by the CWCB Director, and � <br />5. That collateral for the loan shall be a security interest in the stream of assessment <br />income derived by the Association, and a security interest in water rights owned by the <br />Association. <br />Action Taken bX the CWCB November 24. 1997: <br />The CWCB approved the Staff Recommendation as presented above. The iwterest rate <br />for the loan will be 5.75%. <br />A[tachmrnts <br />D:�msword\BLOA47.memo <br />