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<br />and approved unanimously (9-0). <br /> <br />7c. Water Project Construction Loan Program - Proposed Policies - Procedure for <br />ensuring the completion and approval of adequate construction fund project feasibility <br />studies prior to contracting and disbursement ofloan funds <br />Tape 1, Start/Stop: 4126 - 4299 <br />Action: A motion was made by Robert Burr that the Board adopt Policy #2 (as <br />numbered in the Board Memo). The motion was seconded by Donald <br />Schwindt and approved unanimously (9-0). <br /> <br />7d. Water Project Construction Loan Program - Proposed Policies - Construction fund <br />borrower creditworthiness and financial need determinations <br />Tape 1, Start/Stop: 4299 - 4727 <br />Action: A motion was made by Patricia Wells that the Board adopt Policy #4 (as <br />numbered in the Board Memo). The motion was seconded by Robert Burr <br />and approved unanimously (10-0). <br /> <br />7e. Water Project Construction Loan Program - Proposed Policies - Collateral for <br />construction fund and severance tax perpetual base account project loans <br />Tape 1, Start/Stop: 4727 - 5852 <br />Action: A motion was made by Greg Walcher that the Board adopt Policy #5 (as <br />numbered in the Board Memo). The motion was seconded by Patricia <br />Wells. After discussion, the motion was amended to include language to <br />be added at the end of Paragraph 2 on page 2: ", or in the alternative a <br />financial report normally filed by such an entity or such other information <br />as the Director may require". The amended motion was then approved <br />unanimously (10-0). <br /> <br />8a. Water Project Construction Loan Program - Feasibility Study Grant Request- <br />Middle Arkansas Groundwater Users Association - Augmentation Water Purchase <br />Tape 2, Start/Stop: 0000 - 0000 <br />Action: This item was withdrawn. <br /> <br />8b. Water Project Construction Loan Program -Feasibility Study Grant Request- <br />Pagosa Area Water and Sanitation District - Stevens Lake Rehabilitation <br />Tape 2, Start/Stop: 6500 - 6672 <br />Action: A motion was made by David Smith that the Board accept the staff <br />recommendation that the Board approve a grant of $5,000 (or fifty percent <br />of the cost of the study, whichever is less) from the Small Dam Site <br />Account of the Construction Fund to the Pagosa Area Water and <br />Sanitation District for a feasibility study of the Stevens Lake enlargement <br />project. The motion was seconded by Patricia Wells and approved <br /> <br />Corrected Minutes September 27-28.1999 <br />Page 4 <br />