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<br />6a(4). Construction Fund Program, Recommended Projects, Pagosa Area Water
<br />& Sanitation District (3:39 - 4:07 p.m.)
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<br />Sheftel recused earlier. Frank Akers reviewed the proposed project and introduced Jack
<br />DeLange, District Manager. DeLange reviewed the application which includes a project
<br />to enlarge Stevens Lake and to construct Hidden Valley Reservoir in 1998. Questions
<br />were asked by Lile, Wright, Simpson, Harrison, Eisel, Martineau, Salazar, and Jackson.
<br />Harrison recused. A motion was made by Salazar and seconded by Smith to bifurcate the
<br />request and approve a loan of $1,912,000 at a 5 percent interest subject to the same
<br />contingencies offered on the previous motion. DeLange commented that the term for
<br />Stevens Lake phase could be 10 years. The motion passed by unanimous (7-0) decision
<br />with two abstentions. Discussion continued by Wright and Salazar.
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<br />6a(8). Construction Fund Program, Recommended Projects, Spring Creek Extension
<br />Ditch Company (4:07 - 4:28 p.m.)
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<br />Frank Akers reviewed proposed funding outlined in the staff memo and introduced David
<br />Sullivan, President of the ditch company. Sullivan reviewed unexpected problems
<br />encountered during construction. A motion was made by Sheftel and seconded by Smith
<br />to grant the Spring Creek Extension Ditch Company a loan at 5 percent, pending review
<br />of our criteria for a lessor interest rate, over 20 years of the sum of $46,000 with all the ..
<br />other provisos heard in the other motions that we do need to review the effect of ..,
<br />Amendment One and that we need to review the status of our construction loan fund at
<br />the January meeting. Discussion followed by Bangert, Gimbel, Harrison, Lile, Wright,
<br />Sullivan, Martineau, Jackson, Sheftel, and Smith. Jackson called for the question and the
<br />motion passed with 9 in favor and 1 opposed. Lochhead commented on process,
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<br />6a(7). Construction Fund Program, Recommended Projects, Mesa Linda Subdivision
<br />Irrigation System (4:28 - 4:51 p.m.)
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<br />Frank Akers introduced Bruce Heller, Chairman of Mesa Linda. Frank Akers reviewed
<br />the proposed funding and schedule. Questions were asked by Jackson, Lochhead,
<br />Harrison, and Wright. A motion was made by Harrison but was withdrawn for lack of
<br />a second. A motion was made by Wright and seconded by Jackson to approve the loan
<br />of $32,000 at a 7 percent rate of interest, with fund review, with interest rate review,
<br />providing that the staff is satisfied with our security agreement for repayment at our
<br />January meeting. Discussion followed by Salazar, Wright, Heller, Sheftel, and Jackson.
<br />Wright's motion passed by unanimous decision (10-0).
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<br />6a(2). Construction Fund Program, Recommended Projects, Town of Lochbuie
<br />(4:51 - 5:05 p.m.)
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<br />Frank Akers introduced Gary West, Manager for the Town of Lochbuie who reviewed the
<br />proposed dam rehabilitation project. Questions were asked by Smith, Wright, Harrison,
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<br />Nov. 1992 Meeting, page 6
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