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-4- Action: A motion was made by Ray Wright with a second by Bob Burr to approve staff recommendation to de-authorize the loan, Motion was approved 9-0, Greg Walcher was not present. 8, Water Supply Planning and Finance - Construction Fund and Severance Tax Trust Fund Perpetual Base Account New Loans a, Colorado River Water Conservation District - Elkhead Reservoir Enlargement Tape 1, Track 2 1:28:00-1:30:00 Action: A motion was made by Don Schwindt with a second by Greg Hoskin to approve staff recommendation to authorize a loan from the Severance Tax Trust Fund Perpetual Base Account in an amount up to $11,110,000 for project costs and $110,000 for the 1 % Loan Service Fee, in accordance with CWCB Loan Policy #16) to the Colorado River Water Conservation District acting by and through its Water Projects Enterprise, The loan is for up to 57% of the cost to enlarge Elkhead Reservoir, The recommended terms of theloan are twenty years at 3,75%, (Annual Percentage Rate of 3,86%,) Security for the loan will be a pledge of water sale revenues adequate to assure repayment of the loan, in accordance with CWCB Loan Policy #5, Funding for this project is contingent upon the CWCB' s approval of an Acquisition Agreement between the River district and the CWCB that permanently conveys to the CWCB 5,000 acre-feet of water from the permanent fish pool and provides a lease for up to 2,000 acre-feet of water annually from the temporary fish pool to the CWCB to maintain instream flows in the critical habitat reach of the Yampa River. The final approval of the loan is conditioned upon standard contracting provisions of the CWCB, Motion was approved 8-0, present. Greg Walcher and Harold Miskel were not b, New Cache La Poudre Irrigating Company - New Reservoir Construction Tape 1, Track 2 1:30:00-1:49:00 Action: A motion was made by Don Schwindt with a second by David Smith to accept staff recommendation to authorize a loan not to exceed $7,272,000 ($7,200,000 for project costs and $72,000 for the 1 % Loan Service Fee in accordance with the CWCB Loan Policy #16), to the New Cache La Poudre Irrigating Company from the CWCB Construction Fund, to construct an equalizer reservoir, two additional storage reservoirs, and a pumping station and inter-connecting pipeline, and to refinance existing debt related to the project. The recommended terms of the loan are 30 years at 2,5% annum, Security for the loan will be a pledge of assessment revenues backed by assessment covenant and the project itself. The final approval of the loan is conditioned upon all other standard contracting provisions of the CWCB, Flood Protection. Water Project Planning and Finance. Stream and Lake Protection Water Supply Protection. Conservation Planning