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<br />" <br /> <br />/ <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Windsor ReselVoir & Company <br />July 28-29 2003 <br /> <br />Agenda Item 21a <br /> <br />As security for the loan the WRCC will pledge assessment revenues backed by an assessment <br />covenant and the project itself. This is in compliance with CWCS Loan Policy #5 (Collateral). <br /> <br />Recommendation <br /> <br />Staff recommends a CWCS Small Project Loan not to exceed $675,000 to the Windsor Reservoir & <br />Canal Company from the Construction Fund to recover 620 acre-feet of storage in their Windsor <br />Reservoir No. 8 and No. 8 Annex by excavating and removing up to 1,000,000 cubic yards of <br />sediment. The recommended term of the loan is 30 years and the recommended lending rate is <br />2.50% per annum. Security for the loan will be a pledge of assessment revenues backed by <br />assessment covenant and the project itself. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCS, including the 1 % loan origination fee in accordance with <br />CWCS Policy #16. The maximum loan amount may be increased to $681,750 the borrower elects <br />to finance the 1 % loan service charge. <br /> <br />cc: Barry Anderson, President, Windsor Reservoir & Canal Company <br />Don Engel, Secretary, Windsor Reservoir & Canal Company <br />Duane Smith, Smith Geotechnical/Engineer Consultants <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />Page 5 of 6 <br />