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<br />Action: <br /> <br />A motion was made by Patricia Wells to accept the staff recommendation to <br />increase this loan in the amount of $270.000 for a total of $458.000. for a <br />term of 30 years. for up to 83% of the total project cost. and at an interest rate <br />of 3.75%. The motion was seconded by Alan Hamel and approved <br />unanimously (10-0). <br /> <br />12b. Water Project Construction Loan Program - Changes in Existing Loans - North <br />Poudre Irrigation Co. - System Rehabilitation <br />Tape 2. Start/Stop: 5001 - 6191 <br />Tape 3. Start/Stop: 0001 - 0089 <br />Action: A motion was made by Eric KUbn to accept the staffrecommendation for a <br />loan for $1,107.000 for a term of 20 years at a rate of 4.04 %. with the Board <br />requiring that the Company's shareholders approve the loan. the pledge of <br />revenues and the conveyance of a security interest in those lands and water <br />rights to be pledged as collateral to the CWCB. and the CWCB staff making <br />a final determination of the economic financial and technical feasibility of the <br />proposed projects. An additional condition was made that the loan not <br />exceed 75% of budget unless the collateral on the other four existing loans <br />are improved. and then the loan may amount to as much as 90% of project <br />costs. The motion was seconded by Patricia Wells and approved <br />unanimously (10-0). <br /> <br />12ci. Water Project Construction Loan Program - Changes in Existing Loans - City of <br />Sterling - Pawnee Creek Flood Control Project <br />Tape 3. Start/Stop: 0092 - 0280 <br />Action: A motion was made by Eric KUbn to accept the staffrecommendation to <br />increase the City of Sterling's loan authorization by $685.000 for a total <br />authorization of $1.235.000 to finance and/or refinance the Pawnee Creek <br />Flood Control Project with the conditions that the city hold a TABOR <br />election and amend its feasibility study for the project. The term of the <br />$685.000 funding is 20 years with a lending rate of 3.50 percent. As <br />collateral. the City will pledge revenues derived from sales tax and will set <br />aside funds in the amount of two annual payments into an account the City <br />will assign to the CWCB in addition to a debt service reserve fund. The <br />motion was seconded by Bob Burr and approved unanimously (9-0). <br /> <br />12d. Water Project Construction Loan Program - Changes in Existing Loans - CRDSS - <br />Deauthorization of Remaining Development Funds <br />Tape 3. Start/Stop: 0000 - 0000 <br />Action: This item was moved to the March meeting. <br /> <br />12e. Water Project Construction Loan Program - Changes in Existing Loans - Northern <br />Colorado Water Association <br /> <br />Minutes January 27-28,1999 <br />Page 6 <br />