BOARD00802

• Board Meeting Date: 5/19/2003
• Description: Summary Minutes and Record of Decisions - May 19-20, 2003
• Board Meetings - Doc Type: Minutes

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18. Water Supply Planning and Finance Section - New Project Loans
Tape 2, Track 1 2:30:00 - 2:45:00
a. Item was deleted.
b. Springdale Ditch Company - Groundwater Recharge Project
Action: A motion was made by David Smith and seconded by Ray Wright to approve
the staff recommendation to provide a Small Project Loan in an amount not to
exceed $121,500 from the Construction Fund to the Springdale Ditch
Company to pay for up to 90 percent of the cost to construct a well
augmentation and groundwater recharge project. The recommended loan
terms are 30 years at 2.75% (2.828% Annual Percent Rate) or 20 years at
2.5% (2.61 % Annual Percentage Rate) at the borrower's option. As security
for the loan the Company will pledge assessment revenues backed by
assessment covenant and the project itself, in compliance with CWCB Loan
Policy #5 (Collateral). The loan shall be conditioned upon all standard
contracting provisions of the CWCB, including the 1 % loan origination fee
charged in accordance with CWCB Policy #16. The maximum loan amount
may be increased to $122,715 if the borrower elects to finance the 1 % loan
service charge.

The motion was approved 8-0. Greg Walcher and Carolyn McIntosh were not
present.

c. Pine River-Bayfield Ditch Company - Siphon Replacement Project
Tape2, Trackl 2:45:00 - 2:55:00
Action: A motion was made by Don Schwindt and seconded by David Smith
to approve the staff recommendation to provide a Small Project Loan
in an amount not to exceed $200,000 to the Pine River - Bayfield
Ditch Company from the Construction Fund to replace 2,300 feet of
their Beaver Creek Siphon. The recommended term of the loan is 30
years and the recommended lending rate is 2.75% per annum.
Security for the loan will be a pledge of assessment revenues backed
by assessment covenant and the project itself. The loan shall be
conditioned upon all other standard contracting provisions of the
CWCB, including the 1 % loan origination fee in accordance with
CWCB Policy #16. The maximum loan amount may be increased to
$202,000 if the borrower elects to finance the 1 % loan service charge.

The motion was approved 8-0. Carolyn McIntosh and Greg Walcher
were not present.

d. Willow Heights Irrigation Company, Inc. - Dual Water System Rehabilitation
Tape2, Trackl 3:08:00-3:17:00
Action: A motion was made by Keith Catlin and seconded by Ray Wright to
approve the staff recommendation to provide a Small Project Loan, for
an amount not to exceed $103,500, from the Construction Fund to the
Willow Heights Irrigation Company, Inc. to rehabilitate their existing
dual (secondary) irrigation water system. The recommended term of
the loan is 30 years and the recommended lending rate is 3.75% per