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<br />years and the recommended lending rate is 2.50 % per annum. Security for the loan <br />will be the existing annuity with MBIA, Inc., as amended to reflect the new loan. Staff <br />further recommends that final approval of the loan be conditioned upon all other <br />standard contracting provisions ofthe CWCB, as well as the following approval <br />conditions: <br /> <br />1. Approval ofthis loan is contingent upon the Dolores Water Conservancy <br />District, acting by and through its Water Activity Enterprise, requesting that the <br />CWCB close out the District's existing loan (Contract No. 150058A), in <br />accordance with the District's Resolution No. 04-08-E. The close out ofthe <br />existing loan shall occur prior to or concurrent with the effective date of the <br />new CWCB loan. Approval of this loan is also contingent upon the District <br />drawing no more than $2,530,000 from its existing loan. <br />2. Approval ofthis loan is contingent upon the amendment ofthe existing loan <br />contract to add, as additional security, the pledge of District revenues from its <br />Water Activity Enterprise necessary to assure payment of the annual debt <br />service until such time as MBIA, Inc. makes its first payment from the annuity <br />to the CWCB. <br /> <br />Motion was approved 8-1. Tom Sharp voted nay. Don Schwindt recused himself. <br /> <br />21. Water Supply Planning and Finance - Design and Construction Status Report <br />Tape 1, Track 2 6:30:00 - 6:54:00 <br />Action: Information item. No formal action taken. <br /> <br />Meeting Adjourned <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />