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<br />- 3- <br /> <br />loan will be a pledge of assessment revenues backed by assessment covenant <br />and other Company property adequate to assure repayment of the loan, in <br />accordance with CWCB Loan Policy #5. <br /> <br />The Board directs that [mal approval of the loan be conditioned upon the <br />borrower's acceptance of the standard contracting provisions ofthe CWCR <br /> <br />The motion was approved 8-0. Carolyn McIntosh was not in the room. Ray <br />Wright was not present. <br /> <br />b. Grand Mesa Reservoir Company - Reservoir Rehabilitation <br />Tape 1, Track 2 7:50 - 38:25 <br />Action: A motion was made by Greg Hoskin with a second by David Smith to approve <br />the staff recommendation to provide a CWCB Small Project loan from the <br />Construction fund in the amount up to$181,000 ($180,000 for project costs <br />and $900 for the 1 percent Loan Service Fee, in accordance with CWCB Loan <br />Policy #16) to the Grand Mesa Reservoir Company. The loan will pay up to <br />90 percent of the cost to rehabilitate the outlet systems on the Grand Mesa <br />Reservoirs #1 and #9 and to complete spillway and seepage control work on <br />Reservoir #1. The recommended terms ofthe loan are 20 years at 2.4 percent, <br />or 30 years at 2.7 percent, at the Company's option. (Annual Percentage <br />Rates of 2.51 percent and 2.78 percent respectively.) Security for the loan <br />will be a pledge of assessment revenues backed by assessment covenant and <br />other Company property adequate to assure repayment of the loan, in <br />accordance with CWCB Loan Policy #5. <br /> <br />The Board further directs that final approval of the loan be conditioned upon <br />the borrower's acceptance of the standard contracting provisions of the <br />CWCB. <br /> <br />The motion was approved 9-0. Ray Wright was not present. <br /> <br />c. and Consent Agenda #4a. - Arkansas Groundwater Users Association- Water Rights <br />Purchase/Recharge Project and Excelsior Irrigating Company, respectively. <br />Consent Agenda #4a <br />Tape 1, Track 2 38:25 -1:09:50 <br />Action: A motion was made by Carolyn McIntosh with a second by Harold Miskel to <br />approve the Staff recommendation for a CWCB loan, not to exceed $970,448, <br />(which includes $960,840 for project costs and $9,608 for the 1 percent Loan <br />Service Fee) to Arkansas Groundwater User Association, to purchase 785 <br />shares of Excelsior Irrigating Company for use as a replacement water source <br />to offset out-of-priority depletions from well pumping and to construct <br />groundwater recharge facilities. Approximately $761,327, or any amount <br />available at the time the CWCB and AGUA enter into a loan contract, shall be <br />made from the Arkansas River Augmentation Loan Fund and the balance of <br />the loan shall be made from the Construction Fund as a Small Project Loan. <br />The recommended term of the loan is 30 years and the recommended lending <br />rate is 2.5 percent per annum. As security for the loan, AGUA will pledge <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />