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<br />Woodchuck Ditch Co. <br />March 20-21,2000 Agenda Item 10a. <br /> <br />Recommendation <br />Staff recommends that the CWCB find that the Woodchuck Ditch Company is eligible for a loan <br />from the Small Project Loan Account because their ditch has been damaged by a landslide and <br />can not be used to deliver water unless repairs are completed in spring 2000. (Delaying the <br />project until summer or fall 2000 will result in undue hardship on the borrower.) <br /> <br />Staff recommends a CWCB Small Project Loan not to exceed $40,000 to the Woodchuck Ditch <br />Company for approximately 27% of the costs to reconstruct a 400-foot portion of the <br />Company's ditch. The recommended term of the loan is 20 years and the recommended <br />lending rate is 3.75% (20-year CWCB rate for agricultural borrowers in 2000.) Security for the <br />loan will be a pledge of assessment revenues backed by assessment covenant, one payment in <br />a certificate of deposit account to be held by the State, and the project itself. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon acceptance of the <br />project and the associated financial obligations by a vote of the shareholders of the Company, <br />completion of the feasibility study by April 30, 2000, and all standard contracting provisions of <br />the CWCS. <br /> <br />cc: Joe Zimmerman, President Woodchuck Ditch Co., 42095 RCR 44, Steamboat Springs CO 80487 <br />John Fetcher, Upper Yampa WCD, 1175 Steamboat Blvd., Steamboat Springs CO 80488-0339 <br />Linda Bassi, AGO <br /> <br />Attachment <br />C:I WP51lProj-NewlWoodchuckDitchRepair300memo <br />L:lboardmemlmarOOI10a.MarOO <br /> <br />4 <br /> <br />;. <br />, <br /> <br />" <br /> <br />. <br /> <br />. <br /> <br />. <br />