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<br />Tape 3. Start/Stop: <br />Action: This item was deleted from the Agenda. <br /> <br />0000 - 0000 <br /> <br />13a.- Water Project Construction Loan Program - New Loans - Ryan Gulch Reservoir <br />Dam Rehabilitation <br />Tape 3. Start/Stop: 0300 - 0440 <br />Action: Bill Brown recused himself from this item. A motion was made by Eric <br />Kuhn to accept the staff recommendation for a loan of $317.500 for a term of <br />30 years at a rate of 4.25 %. and that prior to execution of a loan contract. <br />that the Company's shareholders approve the loan. the pledge of revenues <br />and the conveyance of a security interest in the Ryan Gulch Reservoir by the <br />Company to the CWCR The motion was seconded by David Smith and <br />approved unanimously (9-0). <br /> <br />13b. Water Project Construction Loan Program - New Loans - Leroux Creek Water <br />Users Association - Carl Smith Dam Rehabilitation <br />Tape 3. Start/Stop: 0440 - 0774 <br />Action: A motion was made by David Smith to accept the staffrecommendation for a <br />loan of $1.250.000 for a term of 30 years at a rate of 3.75%. not to exceed <br />90% of the project costs. and that prior to the execution of the loan contract <br />the Company's shareholders approve the loan. the pledge of revenues and the <br />conveyance of a security interest in the Carl Smith Dam site and water rights <br />to the CWCB and the Association will obtain liability insurance for all of its <br />reservoirs. The motion was seconded by Ray Werner and approved <br />unanimously (10-0). <br /> <br />13c. Water Project Construction Loan Program - New Loans - City of Ouray- <br />Skyrocket Creek Deflection Structure <br />Tape 3. Start/Stop: 0000 - 0000 <br />Action: This item was deleted from the Agenda. <br /> <br />13d. Water Project Construction Loan Program - New Loans - Consolidated Mutual <br />Water Company - Fortune Reservoir <br />Tape 3. Start/Stop: 0783 - 1542 <br />Action: A motion was made by Bill Brown to approve the staffrecommendation for a <br />loan for $10.000.000 repayable over a period of 10 years at a rate of 4.75%. <br />Prior to execution of a loan contract. the applicant will prepare a revised <br />feasibility study acceptable to CWCB staff. the board of directors of the <br />company will approve the loan. the pledge of revenues and the conveyance <br />of a security interest in collateral that is equivalent in value to the principle <br />amount of the loan. and any collateral pledge shall be free of liens and <br />encumbrances. and the CWCB Construction Fund will have parity status <br /> <br />Minutes January 27-28,1999 <br />Page 7 <br />