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<br />- 5- <br /> <br />$133,900 ($128,750 for project costs and $5,150 for the 1 % Loan Service <br />Fee) to the Company with terms based on the current agricultural rate (30 <br />years at 2.50% per annum). Security for the loan will be: <br /> <br />la.) a pledge of assessment revenues backed by assessment covenant; <br /> <br />lb.) a debt service revenue covenant equal to two annual loan payments (one <br />payment set aside at the time of contract execution and one third of an annual <br />payment set aside at the time of each of the first three annual loan payments <br /> <br />lc.) a security interest in the Company's Funding Agreement (Company's <br />Funding Agreement shall include a "step-up" provision that requires the <br />Funding Agreement signators to make the entire annual loan payment to the <br />Company in the event member(s) fail to pay their assessed share amount <br />pursuant to the Funding Agreement; 2) the Project including diversion <br />structure #534 and all associated access easement rights. <br /> <br />The Board further recommends that final approval of the loan be conditioned <br />upon the following: <br /> <br />1. Executed USDA Conservation Program Contract <br />2. All standard contracting provisions of the CWCB Loan Program <br /> <br />Motion was approved 9-0. Russell George was not present. <br /> <br />e. Pinewood Springs Water District - New Reservoir and Raw Water Pipeline <br />Construction, and Water Rights Purchase <br />Tape 2, Track 1 1:23:59 - 3:00:00 <br />Action: A motion was made by Eric Wilkinson with a second by Don Schwindt to <br />approve the staff recommendation to provide a loan not to exceed $2,054,188 <br />($2,033,850 for project costs and $20,338) for the 1 % Loan Service Fee in <br />accordance with CWCB Loan Policy #16), to the Pinewood Springs Water <br />District from the Severance Tax Trust Fund Perpetual Base Account, to <br />construct a new storage reservoir, pump station and raw water pipeline, raw <br />water infiltration gallery modifications, and to purchase additional water <br />rights. The recommended terms of the loan are 30 years at 4.00% per annum. <br />Security for the loan will be a pledge of general revenues received from taxes, <br />as authorized by the PSWD's November 4,2003 election, and any other funds <br />legally available. <br /> <br />The Board further recommends that final approval of the loan be conditioned <br />upon all other standard contracting provisions of the CWCB and the following <br />approval conditions: <br /> <br />1. The proceeds from the sale of any water rights purchased with this loan <br />approval shall be used to reduce the outstanding balance of PSWD' s loan with <br />the CWCB. <br /> <br />2. The loan for the water rights portion of the project is contingent on the ability <br />of the District to acquire the water rights, along with the successful <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />