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~ Action: -5- A motion was made by Tom Sharp with a second by Harold Miskel to approve staff recommendation for an initial loan, not to exceed $515,000 for construction costs, to the Henry Bolen Ditch Company from the Severance Tax Trust Fund Perpetual Base Account, for the Henry Bolen Ditch Pipeline Project. The staff further recommends a post-construction loan not to exceed $133,900 ($128,750 for project costs and $5,150 for the 1 % Loan Service Fee) to the Company with terms based on the current agriculturaI rate (30 years at 2.50% per annum). Security for the loan will be a pledge of la.) a pledge of assessment revenues backed by assessment covenant; 1 b.) a debt service revenue covenant equal to two annual loan payments (one payment set aside at the time of contract execution and one third of an annual payment set aside at the time of each of the first three annual loan payments lc.) a security interest in the Company's Funding Agreement (Company's Funding Agreement shall include a "step-up" provision that requires the Funding Agreement signators to make the entire annual loan payment to the Company in the event member(s) fail to pay their assessed share amount pursuant to the Funding Agreement; 2) the Project including diversion structure #534 and all associated access easement rights. Staff further recommends that fmal approval of the loan be conditioned upon the following: 1. Executed USDA Conservation Program Contract 2. All standard contracting provisions of the CWCB Loan Program Motion was approved 9-0. Russell George was not present. e. Pinewood Springs Water District - New ReservoiI and Raw Water Pipeline Construction, and Water Rights Purchase Tape 2, Track 1 1 :23:59 - 3:00:00 Action: A motion was made by Eric Wilkinson with a second by Don Schwindt Staff recommends a loan not to exceed $2,054,188 ($2,033,850 for project costs and $20,338) for the 1% Loan Service Fee in accordance with CWCB Loan Policy #16), to the Pinewood Springs Water District from the Severance Tax Trust Fund Perpetual Base Account, to construct a new storage reservoir, pump station and raw water pipeline, raw water infiltration gallery modifications, and to purchase additional water rights. The recommended terms of the loan are 30 years at 4.00% per annum. Security for the loan will be a pledge of general revenues received from taxes, as authorized by the PSWD's November 4,2003 election, and any other funds legally available. Staff further recommends that fmal approval of the loan be conditioned upon all other standard contracting provisions of the CWCB. Further, staff recommends the following approval condition: Flood Protection. Water Project Planning and Finance . Stream and Lake Protecticm Water Supply Protection. Conservation Planning