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<br />e <br /> <br />e <br /> <br />e <br /> <br />6e. Construction Fund Program, Disposal of Redlands Water & Power Company Stock <br />(10:02 - 10:04 a.m.) <br /> <br />Frank Akers, CWCB staff, reported that a new offer of $270 per share for all 20 shares <br />has been received, compared to $225 per share offered at the September meeting. A <br />motion was made by Jackson and seconded by Smith to accept the staff recommendation <br />for the sale of the Redlands Water & Power stock. The motion passed by unanimous (8- <br />0) decision. A follow up question was asked by Lochhead. <br /> <br />6f. <br /> <br />Construction Fund Program, Draft Annual Report, continued (10:04 - 10:34 a.m.) <br /> <br />Bill Stanton, CWCB staff, referred to the staff memo and reviewed the content of the <br />draft report. Suggestions for improving the draft were made by Jackson, Lile, Harrison, <br />Smith, Evans, Frank Akers, Sheftel, Simpson, and Eisel. Frank Akers reviewed the list <br />of recommended deauthorized projects. Questions were asked by Harrison, Jackson, and <br />Lile. A motion was made by Jackson and seconded by Harrison to deauthorize the listed <br />projects in table 3 of the draft annual report subject to staff receiving a letter from the <br />entity which concurs with the deauthorization. The motion passed by unanimous (9-0) <br />decision. Additional suggestions were made by Harrison, Jackson, and Lile. A motion <br />was made by Harrison and seconded by Eisel to authorize the staff to make the revisions <br />as asker for and to transmit the report to the State Legislature by December 1st. The <br />motion passed by unanimous (9-0) decision. <br /> <br />6b. <br /> <br />Construction Fund Program, Deferment of Payments, Beaver Park Water Company, <br />continued (10:34 - 10:41 a.m.) <br /> <br />Frank Akers reported that a new proposal was requested. Fred Green asked to make an <br />interest payment only and to carry the principal forward one year. A new motion was <br />made by Jackson and seconded by Eisel to accept interest only this year (which totaled <br />approximately $13,000 on the two loans) and to restructure the P+I repayment schedules <br />on the loans. Discussion followed by Green, Wright, Harrison, Jackson, and Eisel. The <br />motion was modified by Jackson and seconded by Harrison so that the company would <br />pay approximately $450 in simple interest this year and the Board would move the loan <br />payments one year forward so that in essence the company will make a regular payment <br />next year, the Board will forgo the interest on the deferred principal, and the [mal <br />payment on the loans will be one year in the future. The modified motion passed by <br />unanimous (8-0) decision. <br /> <br />lla. Instream Flow Program: Final Notice, Water Division 4; Saguache, Hinsdale, and <br />Gunnison Counties* (10:41 - 10:45 a.m.) <br /> <br />Dan Merriman, CWCB staff, gave a brief history of this agenda item and reviewed the <br />staff recommendation. Sheftel disclosed her firm represented the Southwestern Water <br /> <br />Nov. 1992 Meeting, page 9 <br />