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<br />- 8- <br /> <br />the Kern Reservoir. The recommended loan terms are 30 years at 5.1 % or 20 <br />years at 4.8% at the borrower's option. Security for the loan will be a pledge <br />of assessment revenues backed by assessment covenant and the project itself. <br />The loan will be funded from the Construction Fund. Staff recommends that <br />the Company be allowed to use this loan to refinance project costs of work <br />already completed and paid for with short term bridge financing. Staff further <br />recommends that final approval of the loan be conditioned upon all other <br />standard contracting provisions of the CWCB. Approved 10-0. <br /> <br />20i. Water Supply Planning and Finance - Poudre Tech Metropolitan District - Dual Water <br />System <br />Tape 3, Track 2, 0- 27:30 <br />Action: A motion was made by Eric Wilkinson with a second by Carolyn McIntosh <br />for staff recommendation of a loan in the maximum amount of $2,180,000 to <br />the Poudre Tech Metropolitan District. The loan is for up to 75% of the costs <br />of a project to construct a dual water system for outside irrigation. The <br />recommended loan terms are 30 years at 4.75% or 20 years at 4.5% at the <br />borrower's option. As security for the loan, the CWCB will receive collateral <br />in accordance with CWCB Loan Policy #5 as follows: security shall be such <br />that the Poudre Tech Metropolitan District will pledge tax revenues backed by <br />rate covenant and the developer, Trollco, Inc. will pledge water rights valued <br />at least equal to the loan amount The loan will be funded from the <br />Construction Fund. Staff recommends that the District be allowed to use this <br />loan to refinance project costs of work already completed and paid for with <br />short term bridge financing. Staff further recommends that final approval of <br />the loan be conditioned upon all other standard contracting provisions of the <br />CWCB. Approved 7-0. Harold Miskel, Bob Burr and Greg Walcher were not <br />present. <br /> <br />20j. Water Supply Planning and Finance - Shultz Farm, Inc. - Hill Lake Rehabilitation <br />Tape 3, Track 1, 27:30 - 48:00 <br />Action: A motion was made by Eric Wilkinson with a second by Carolyn McIntosh <br />for staff recommendation of a loan from the Small Project Account not to <br />exceed $400,000 to the Shultz Farm, Inc. to cover up to 90% of the costs to <br />rehabilitate and enlarge the Hill Lake. The recommended term of the loan is <br />30 years and the recommended lending rate is 2.75%. Security for the loan <br />will be collateral in accordance with CWCB Loan Policy #5 which shall be <br />152 acres of irrigated farmland located in SE 1.4 of Section 16, T5N, R67W. <br />The loan will be funded from the Construction Fund. Staff further <br />recommends that final approval of the loan be conditioned upon all other <br />standard contracting provision of the CWCB. Approved 6-1 with Don <br />Schwindt voting no. Greg Walcher, Bob Burr and Harold Miskel were not <br />present. <br /> <br />20k. Agenda item deleted. <br /> <br />201. Water Supply Planning and Finance - New Loans - Town ofPaonia - Ark Land <br /> <br />Property Water Rights Purchase <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />