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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />STATE OF COLORADO <br /> <br />Colorado Water Conservation Board <br /> <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br />Phone: (303) 866-3441 <br />FAX: (303) 866-4474 <br />www.cwcb.state.co.us <br /> <br /> <br />Bill Owens <br />Governor <br /> <br />Greg E. Walcher <br />Executive Director <br /> <br />MEMORANDUM <br /> <br />Rod Kuharich <br />CWCB Director <br /> <br />Dan McAuliffe <br />Deputy Director <br /> <br />TO: <br /> <br />Colorado Water Conservation Board Members <br /> <br />Mike SerIet, P.E,. chief,11I r <br />Water Supply Planning ~ance Section <br /> <br />FROM: <br /> <br />DATE: <br /> <br />May 9. 2003 <br /> <br />SUBJECT: Agenda Item 20a - May 19-20, 2003, Board Meeting <br />Water Supply Planning and Finance - Policy Review <br />Policy #7 - Annual Construction Fund and Severance Tax Trust Fund Perpetual <br />Base Account Loan Lending Rate Determination <br /> <br />Introduction <br />This memorandum outlines, for Board discussion only, the addition of a new agricultural <br />lending category to the Board's existing financial policy #7 regarding lending rates. The new <br />category would be associated with individual agricultural borrowers, or agricultural borrowers not <br />acting through a non-profit entity. <br /> <br />Backl!round <br />Since the Board established the agricultural lending rate for Construction Fund and <br />Severance Tax Trust Fund Perpetual Base Account loans in November 2001 at 50% of the Baseline <br />Rate, many agricultural borrowers have taken advantage of that low rate. Several of those borrowers <br />have not been associated with organizations established to benefit large numbers of agricultural <br />water users, but rather have been organized as entities benefiting only an individual or a very small <br />group of agricultural water users. An additional benefit of the CWCB loan program available to <br />agricultural borrowers is financing up to 90% of the total project cost, whereas all other borrowers <br />(with the exception of low income municipalities) are limited to financing up to 75% of the total <br />project cost, as described in Financial Policy #11 (attached). <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />