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<br />, <br /> <br />Silt Water Conservancy District <br />January 26-27, 2000 <br /> <br />Agenda Item 133. <br /> <br />l <br /> <br />/ <br /> <br />,,,; <br /> <br />As security for the loan the SWCD will pledge revenues from assessments, and if necessary, 6 <br />additional collateral in accordance with CWCB Loan Policy #5, (The District owns land and ,., <br />water rights that could be pledged as colateral.) <br /> <br />The SWCD is considered a governmental entity, and is subject to Tabor. It would normally be <br />necessary for the District to hold an election of the landowners to approve the CWCB loan, <br />However, the SWCD has taken steps to establish a separate Water Activity Enterprise to <br />contract for the loan, The CWCB will take an interest in annual Water Enterprise Revenues <br />sufficient to repay the CWeB loan, <br /> <br />Recommendation <br />Staff recommends the Board find that delay in the rehabilitation of the diversion structure on the <br />Colorado River would cause undue hardship for the water users, qualifying the Silt Water <br />Conservancy District and/or the Silt Water Conservancy District Water Activity Enterprise for a <br />loan from the CWCB Small Project Loan Account. <br /> <br />Staff recommends a Small Project loan not to exceed $100,000 to the Silt Water Conservancy <br />District and/or the Silt Water Conservancy District Water Activity Enterprise for up to 75% of the <br />costs to rehabilitate the District's diversion structure on the Colorado River. The recommended <br />term of the loan is 30 years and the lending rate is 4%, Security for the loan will be a pledge of <br />revenues from assessments and, if necessary, additional collateral in accordance with CWCB <br />Loan Policy # 5. <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 Silt Water Conservancy District <br />and/or the Silt Water Conservancy District Water Activity Enterprise board(s), and all standard <br />CWCB contracting provisions. <br /> <br />e <br /> <br />cc: Norman Hunt, Vice-President Silt Water Conservation District, PO Box 8, Silt, CO 81652 <br />Denis Davidson, NRCS, 401 23rd Street, Suite 106, Glenwood Springs, CO 81601 <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:IWP51IProj-NewISiltWCD1 OOmemo L:lboardmemlJanOOI13a-JanOO <br /> <br />e <br /> <br />4 <br />