Laserfiche WebLink
<br />and to install toe drains. The recommended terms of the loan are 30 years at <br />2.50% per annum. Security for the loan will be a pledge of Bijou Irrigation <br />District annual tax levy revenues. The proposed increase in tax levy from $10 <br />per acre to $12 per acre to cover CWCB loan repayment, as well as the authority <br />to assume the proposed indebtedness, shall be approved by the BID electors. The <br />motion was seconded by Russell George and approved unanimously (9-0). Keith <br />Catlin was not present for this item. <br /> <br />15b. Water Supply Planning and Finance Section - New Project Loans - Sheek Ditch <br />Company - Pipeline Construction Project <br />Tape 1, Track 3 1 :06:07 - 1 :23 :06 <br /> <br />Action: <br /> <br />A motion was made by Don Schwindt to approve the staff recommendation to <br />approve an initial loan, not to exceed $427,200 for engineering and construction <br />costs, to the Sheek Ditch Company from the Severance Tax Trust Fund Perpetual <br />Base Account, for the Sheek Ditch Pipeline Project. The staff further <br />recommends a post -construction loan not to exceed $164,472 to the Company <br />with terms based on the current agricultural rate (30 years at 2.50% per annum). <br />Security for the loan will be collateral in compliance with CWCB Loan Policy <br />No.5, a pledge of revenues and the project. Further recommendations are that <br />the loan be conditional upon an executed USDA Conservation Program Contract <br />being provided; the Company's Funding Agreement shall include a "step-up" <br />provisions, and one annual payment will be set aside at the time of first draw of <br />funds and one third of an annual payment set aside at the time of each of the first <br />three annual loan payments. The motion was seconded by Bob Burr and <br />approved unanimously (9-0). <br /> <br />15c. Water Supply Planning and Finance Section - New Project Loans - Carpenter & Mitchell <br />Ditch Company - Pipeline Construction Project <br />Tape 1, Track 3 1 :23 :06 - 1 :27 :54 <br /> <br />Action: <br /> <br />A motion was made by Harold Miskel to approve the staff recommendation to <br />approve an initial loan, not to exceed $607,200 for engineering and construction <br />costs, to the Carpenter and Mitchell Ditch Company from the Severance Tax <br />Trust Fund Perpetual Base Account, for the Carpenter and Mitchell Ditch <br />Pipeline Project. The staff further recommends a post-construction loan not to <br />exceed $233,772 to the Company with terms based on the current agricultural <br />rate (30 years at 2.50%) per annum. Security for the loan will be collateral in <br />compliance with CWC Loan Policy No.5. Further recommendations are that the <br />loan shall be conditional upon an executed USDA Conservation Program <br />Contract being provided; the Company's Funding Agreement shall include a <br />"step-up" provisions, and one annual payment will be set aside at the time of first <br />draw of funds and one third of an annual payment set aside at the time of each of <br />the first three annual loan payments. The motion was seconded by Travis Smith <br />and approved unanimously (9-0). Keith Catlin was not present for this item. <br /> <br />16. Water Supply Protection - Recreational Inchannel Diversion (RICD) Rule Changes <br />Tape 1, Track 3 1:27:54-2:19:00 <br />Action: A discussion of the wording of the rule changes were discussed and many <br />changes suggested that the staff took note of. A motion was made by Harold <br />Miskel that the Board instruct the Staff and the Office of the Attorney General to <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />5 <br />