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<br />" <br /> <br />,01 <br />/.~ <br /> <br />. Purposes of the Fund <br />. Alternative Sources of Project Funding <br />. Time Limits for Project Initiation <br />. Conditional Approval of Loan Authorizations <br />. Evaluation of Applicant's Creditworthiness <br />. Adequacy of Collateral <br />. Delinquency, Default and Collections <br /> <br />. <br /> <br />Some of these policy issues were generally discussed at a workshop during the <br />Water Congress Meetings in January 1999 attended by several Board members, Staffhas <br />reviewed the comments made by the workshop attendees and has developed four <br />proposed Policies to be reviewed by the Board, Those Policies include: <br /> <br />Policy #1 <br /> <br />Construction Fund and Severance Tax Perpetual Base Account Project <br />Time Limits, <br /> <br />Policy #2 <br /> <br />Procedure for Ensuring the Completion and Approval of Adequate <br />Construction Fund Project ,Feasibility Studies Prior to Contracting and <br />Disbursement of Loan Funds, <br /> <br />Policy #3 <br /> <br />Construction Fund Loan Delinquency, Loan Restructuring and Collection <br /> <br />Policy #4 <br /> <br />Construction Fund Borrower Creditworthiness and Financial Need <br />Determinations, <br /> <br />. <br /> <br />The attached Policies will be discussed as informational items at the July Board <br />meeting, be revised based on those discussions, and will be presented with Staff <br />recommendations for approval at the September Board meeting in Buena Vista, <br /> <br />Issues regarding Purposes of the Fund, Alternative Sources of Project Funding, <br />, and Adequacy of Collateral will also be addressed in Buena Vista, Staff will either. <br />recommend approval of a specific policy or will describe proposed internal procedures to <br />address the particular audit recommendation, <br /> <br />. <br />