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<br />-4- <br /> <br />14. Water Supply Planning and Finance Section - New Project Loans <br />Tape 2, Track 1 5:15 - 36:36 <br />a. Smart Brothers, Inc. - Groundwater Recharge Project <br />Action: A motion was made by Eric Wilkinson with a second by Barbara Biggs to <br />approve staff recommendation for a loan not to exceed $242,248 ($239,850 <br />for project costs and $2,398 for the 1 % Loan Service Fee in accordance with <br />CWCB Loan Policy #16), to Smart Brothers, Inc. from the Severance Tax <br />Trust Fund Perpetual Base Account, to enhance and expand an existing <br />groundwater recharge project for well augmentation. The recommended <br />terms of the loan are 30 years at 2.5% per annum. Security for the loan will <br />be a first lien on real estate with a total value equal to or greater than the <br />CWCB loan amount and a prorata share of water rights to cover depletion <br />from the well. <br /> <br />The Board further recommends that final approval of the loan be conditioned <br />upon all other standard contracting provisions of the CWCB. <br /> <br />Motion was approved 9 - O. Russell George was not present. <br /> <br />b. Town of Hillrose - Water Rights Purchase for Well Augmentation Project <br />Tape 2, Track 1 36:36 - 46:45 <br />Action: A motion was made by Eric Wilkinson with a second by Barbara Biggs for <br />staff recommendation for a loan not to exceed $69,311 ($68,625 for project <br />costs and $686 for the 1 % Loan Service Fee in accordance with CWCB Loan <br />Policy #16), to the Town of Hillrose, acting by and through its Water <br />Enterprise Fund, from the Severance Tax Trust Fund Perpetual Base Account, <br />to purchase surface water rights to use for well augmentation, and to pay <br />expenses already incurred. The recommended terms of the loan are 30 years <br />at 3.5% per annum. Security for the loan will be enterprise fund revenues. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon <br />all other standard contracting provisions of the CWCB. <br /> <br />Motion was approved 9 - O. Russell George was not present. <br /> <br />c. Common Lower System of the Bauer Lakes Water Company - Bauer Reservoir #2 <br />Outlet Ditch Rehabilitation Project <br />Tape 2, Track 1 <br />Action: This item was deleted from the agenda. <br /> <br />d. Henry Bolen Ditch Company - Henry Bolen Ditch Rehabilitation Project <br />Tape 2, Track 1 46:46 -1:23:59 <br />Action: A motion was made by Tom Sharp with a second by Harold Miskel to <br />approve staff recommendation for an initial loan, not to exceed $515,000 for <br />construction costs, to the Henry Bolen Ditch Company from the Severance <br />Tax Trust Fund Perpetual Base Account, for the Henry Bolen Ditch Pipeline <br />Project. The staff further recommends a post-construction loan not to exceed <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />