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<br />" <br /> <br />.." <br /> <br />. <br /> <br />Board also approved a post-construction loan not to exceed $107,100 ($103,000 for <br />project costs and $4,130 for the 1% Loan Service Fee) to the Company with terms <br />based on the current agricultural rate (30 years at 2.5% per annum). Security for the <br />loan will be collateral in compliance with CWCB Loan Policy No.5. <br /> <br />Final approval of the loan will also be conditioned upon the following: <br />1. Executed USDA Conservation Program Contract. <br />2. Company's Funding Agreement shall include a "step-up" provision. <br />3. All Standard contracting provisions of the CWCB Loan Program including a <br />revised Debt Service Reserve Fund Provision that requires two annual loan <br />payments (one payment set aside at the time of contract execution and one <br />third of an annual payment set aside at the time of each of the first three <br />annual loan payments. <br />Motion was approved 10 - O. <br /> <br />b. Lower Bauer West Lateral, mc. - Lower Bauer Res. Outlet Pipeline Extension <br />Tape I, Track I 24:25 - 31 :00 <br />Action: A motion was made by Ray Wright with a second by Bob Burr to approve the staff <br />recommendation for an initial loan, not to exceed $195,000 for construction costs, to <br />the Lower Bauer West Lateral, mc. from the Severance Tax Trust Fund Perpetual <br />Base Account, for the Lower Bauer Reservoir Outlet Pipeline Extensions Project. <br />The Board also approves a post-construction loan not to exceed $50,700 ($48,750 for <br />project costs and $1,950 for the 1% Loan Service Fee) to the Company with terms <br />based on the current agricultural rate (30 years at 2.5% per annum). Security for the <br />loan will be collateral in compliance with CWCB Loan Policy No.5. <br /> <br />. <br /> <br />Final approval of the loan will also be conditioned upon the following: <br />1. Executed USDA Conservation Program Contract. <br />2. Company's Funding Agreement shall include a "step-up" provision. <br />3. All standard contracting provisions of the CWCB Loan Program including a <br />revised Debt Service Reserve Fund Provision that requires two annual loan <br />payments, One payment set aside at the time of contract execution and one <br />third of an annual payment set aside at the time of each of the first three <br />annual loan payments. <br />Motion was approved 10 - O. <br /> <br />c. Young Creek Reservoir Company- Young Cr. Reservoir #1-2 Rehabilitation <br />Tape I, Track I 31 :00 - 46:25 <br />Action: A motion was made by Ray Wright with a second by Don Schwindt to approve staff <br />recommendation for a loan not to exceed $197,354 ($195,400 for project costs and <br />$1,954 for the 1% Loan Service Fee in accordance with CWCB Loan Policy #16) to <br />the Young Creek Reservoir Company, from the Severance Tax Trust Fund Perpetual <br />Base Account, to perform initial rehabilitation on its Reservoir #l-2 dam, and to pay <br />expenses already incurred. The recommended terms of the loan are 30 years at 2.5% <br />per annum. Security for the loan will be collateral in compliance with CWCB Loan <br />Policy #5 (Collateral). <br /> <br />Final approval of the loan will also be conditioned upon all other standard contracting <br />provisions of the CWCB. <br /> <br />. <br /> <br />Motion was approved 10 - O. <br /> <br />d. <br /> <br />Bull Creek Reservoir Canal and Power Company - Bull Creek Reservoir #1, #2, & #4 <br />Rehabilitation and Enlargement <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />