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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />12b. <br /> <br />- 5 - <br /> <br />The recommended loan terms are 30 years at 5.1 % or 20 years at 4.8% at the <br />borrower's option. Security for the loan will be a pledge of assessment <br />revenues backed by assessment covenant and the proj ect itself. Staff further <br />recommends that final approval of the loan be conditioned upon all other <br />standard contracting provisions of the CWCB. The motion was seconded by <br />David Smith and approved 9-0. <br /> <br />Water Supply Planning and Finance Section - New Loans - Bill Porter - Barton Porter <br />Reservoir Enlargement <br />Track I, Start/Stop: 24:00 - 47:00 <br />Action: Greg Hoskin recused himself due to client conflict. A motion was made by <br />David Smith for staff recommendation of a Small Proj ect Loan not to exceed <br />$1,000,000 to Bill Porter to rehabilitate and enlarge the Barton Porter <br />Reservoir. The recommended term of the loan is 20 years and the <br />recommended lending rate is 2.5%. Security for the loan will be the reservoir, <br />all private land upon which it is located, the water rights to fill the reservoir, <br />such that total collateral value is $1,000,000. In addition, an easement will be <br />added to access the reservoir. All values will be supported by an opinion of <br />value from a certified appraiser. Staff further recommends that final approval <br />of the loan be conditioned upon all other standard contrilcting provisions of <br />the CWCB. The motion was seconded by Bob Burr and approved 8-0. <br /> <br />12c. Water Supply Planning and Finance Section - New Loans - Town of Akron - Well and <br />Pipeline Construction <br />Track 1, Start/Stop: 47:00 - 1:03:00 <br />Action: A motion was made by Eric Wilkinson for staff recommendation of a CWCB <br />Small Project Loan, not to exceed $349,799, to the Town of Akron acting by <br />and through it's water activity enterprise from the Construction Fund to <br />construct two new wells and raw water transmission lines connecting to their <br />existing water supply system. The recommended term of the loan is 30 years <br />and the recommended lending rate is 3.75%. Security for the loan will be-a <br />pledge of water rate revenues backed by a rate covenant and annual financial <br />reporting. In addition the Town shall provide formal evidence that Y-W <br />Electric will grant the CWCB parity status on those annual Water Fund <br />Revenues in excess of $230,000. Staff further recommends that final approval <br />of the loan be conditioned upon all other standard contracting provisions of <br />the CWCB. The motion was seconded by Ray Wright and approved 9-0. <br /> <br />12d. Water Supply Planning and Finance Section - New Loans - Lake Arrowhead Water <br />Association - Rehabilitation Lake Arrowhead Dam <br />Track 1, Start/Stop: 1:14:00-1:33:00 <br />Action: A motion was made by Eric Wilkinson for staff recommendation of a Small <br />Project Loan not to exceed $300,000 to the Lake Arrowhead Water <br />Association, Inc. to cover up to 75% of the cost to rehabilitate the Lake <br />Arrowhead Dam. The recommended term of the loan is 30 years and the <br />recommended lending rate is 4.25%. Security for the loan will be a pledge of <br />assessment revenues backed by assessment covenant, as well as the reservoir, <br />water rights to fill the reservoir, and the land upon which the reservoir is <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />