BOARD00151

• Board Meeting Date: 1/25/2005
• Description: Summary Minutes and Record of Decisions - September 14-15, 2004
• Board Meetings - Doc Type: Memo

Voting tallies are based on members present for voting. Members recusing tbemselves are identified. Board members
occasionally leave the meeting, but the original meeting notes typically indicate whether or not a particular Board Member
was present during a specific agenda item. .
4. Water Supply Planning and Finance Section - New Loans
a. Mancos Valley Beaver Ditch Company - Mancos Valley Beaver Ditch Pipeline Project
T e1,Track1 3:10-24:25
Action: A motion was made by Tom Sharp with a second by Harold Miskel to accept staff
recommendation for an initial loan, not to exce 413,000 for construction costs, to
the Mancos Val r ltC ompany from the Severance Tax Trust Fund
fl () Q.. O/' Perpe ase Account, for the Mancos Valley Beaver Ditch Pipeline Project. The
~ g ~ t:; ard also approved a post-construction loan not to exceed 107,100 ($103,000 for
project costs and 0 oan emce ee to the Company with terms
on e current agricultural rate (30 years at 2.5% per annum). Security for the
loan will be collateral in compliance with CWCB Loan Policy No.5.

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!a'II

Final approval of the loan will also be conditioned upon the following:
I. Executed USDA Conservation Program Contract.
2. Company's Funding Agreement shall include a "step-up" provision.
3. All Standard contracting provisions of the CWCB Loan Program including a
revised Debt Service Reserve Fund Provision that requires two annual loan
payments (one payment set aside at the time of contract execution and one
third of an annual payment set aside at the time of each of the first three
annual loan payments.
Motion was approved 10 - O.

b. Lower Bauer West Lateral, Inc. - Lower Bauer Res. Outlet Pipeline Extension
pe I, Track 1 24:25 - 31:00
Action: A motion was made by Ray Wright with a second by Bob Burr to approve the staff
recommendation for an initial loan, not to exceed $195,000 for construction costs, to
the Lower Bauer West Lateral, Inc. from the Severance Tax Trust Fund Perpetual
Base Account, for the Lower Bauer Reservoir Outlet Pipeline Extensions Project.
The Board also approves a post-construction loan not to exceed $50,700 ($48,750 for
project costs and $1,950 for the 1% Loan Service Fee) to the Company with terms
based on the current agricultural rate (30 years at 2.5% per annum). Security for the
loan will be collateral in compliance with CWCB Loan Policy No.5.

.

Final approval of the loan will also be conditioned upon the following:
1. Executed USDA Conservation Program Contract.
2. Company's Funding Agreement shall include a "step-up" provision.
3. All standard contracting provisions of the CWCB Loan Program including a
revised Debt Service Reserve Fund Provision that requires two annual loan
payments, one payment set aside at the time of contract execution and one
third of an annual payment set aside at the time of each of the first three
annual loan payments.
Motion was approved 10 - O.

c. Young Creek Reservoir Company - Young Cr. Reservoir #1-2 Rehabilitation
Tape 1, Track 1 31:00 - 46:25
Action: A motion was made by Ray Wright with a second by Don Schwindt to approve staff
recommendation for a loan not to exceed $197,354 ($195,400 for project costs and
$1,954 for the 1% Loan Service Fee in accordance with CWCB Loan Policy #16) to .
the Young Creek Reservoir Company, from the Severance Tax Trust Fund Perpetual
Base Account, to perform initial rehabilitation on its Reservoir #1-2 dam, and to pay
expenses already incurred. The recommended terms of the loan are 30 years at 2.5%

Flood Protection. Water Project Planning and Finance. Stream and Lake Protection
Water Supply Protection. Conservation Planning