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<br />- 3- <br /> <br />9. Water Supply Planning and Finance Section - Policy Review <br />Track 3, Start/Stop: 25: 10- 46: 10 <br />Action: A motion was made by Harold Miskel to revise Policy #7 to clarify the <br />circumstances under which a blended interest rate will be changed due to a <br />change in the percent ownership of each category in the borrower's <br />organization. The motion was seconded by David Smith and approved (6-0). <br /> <br />Action: <br /> <br />A motion was made by Harold Miskel to revise the beginning of the second <br />sentence in item 4 of Policy #7 to read "In order to help sustain the vitality of <br />these economies." The motion was seconded by David Smith and approved 6- <br />O. <br /> <br />10. Water Supply Planning and Finance Section - Financial Matters <br />Track 3, Start/Stop: 46: 10-50:00 <br />Action: A motion was made by Carolyn McIntosh with a second by Eric Wilkinson <br />to adopt the schedule of 30-year lending rates based on the Board approved <br />Financial Policy #7 for all loans recommended to the General Assembly or <br />approved by the Board from May 1,2002 through April 30, 2003. Motion <br />was approved (6-0). <br /> <br />11. Water Supply Planning and Finance Section - Changes in Existing Loans <br />Track 3, Start/Stop: 50:00-1:17:40 <br />Action: A motion was made by Carolyn McIntosh that staff: 1. Notify the Secretary of <br />State, acting as Pinon Mesa's agent, of the loan default and of the CWCB' s <br />intentions to file a claim on all undistributed assets of Pinon Mesa; 2. <br />Commence recovery of all loan collateral by notifying Pinon Mesa's bank that <br />Pinon Mesa is in default and request the bank to transfer the funds in the <br />assigned accounts to CWCB; 3. Upon exhaustion of all reasonable efforts <br />described in items 1 and 2 above, proceed with the measures outlined in the <br />State Department of Personnel, Division of Accounts and Control, Accounts <br />Receivable Collections Rule, as set forth in 1 CCR 101-6, Rule 1.61 (Write- <br />off of Accounts Receivable.) 4. Staff is to utilize available resources in the <br />Loan Foreclosure Fund for any expenses incurred during the loan settlement <br />process. Motion seconded by Eric Wilkinson and approved (8-0). <br /> <br />l2.a Water Supply Planning and Finance Section - Small Project Loans - Delta Canal <br />Company <br />Track 3, Start/Stop: 1:17:40-1:27:54 <br />Action: A motion was made by Ray Wright and seconded by David Smith that a <br />CWCB Small Project Loan in the amount of $75,000 be issued to the Delta <br />Canal Company for rehabilitation of the Delta Canal. The term of the loan is <br />30 years at 2.75 percent or 20 years at 2.5 percent at the borrower's option. <br />The security for the loan will be a pledge of assessment revenues backed by <br />assessment covenant and the project itself. Approval of the loan will be <br />conditioned upon all other standard contracting provisions of the CWCB, and <br />any excess cost share funds from the Natural Resources Conservation Service <br />shall be applied to reduce the CWCB loan amount after construction is <br />complete. The motion was approved (8-0). <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />