Board Meeting 01/14/1985

• Board Meeting Date: 1/14/1985
• Description: Agenda, Minutes, Memos
• Board Meetings - Doc Type: Meeting

FOllowing brief descriptions of each project by staff
members and local sponsors. the Board recommended that each
project be transmitted to the General Assembly for
authorization under the proposed financing arrangements and
special conditions are set forth below:

.

1. Bauer No. 1 Reservoir Proiect
Proposed Financinq

The recommended funding for this project is as
follows:

Bauer Lakes Water Company
(grants and/or loans)
CWCB Funds (to be repaid by
water users)

$ 50.000

TOTAL

50.000
$100.000

Under the proposed financing arrangement. charges would
be levied by the CWCB at the rate of $4.012 per year
for 20 years for a total of $60.240. With 120 present
shareholders. the cost for each shareholder would be
$33.43 per year to repay the CWCB. The balance of the
financing will have to be obtained by the company from
other sources as it does not have sufficient cash on
hand.

Ms. Sanfilippo moved. seconded by Mr. Vandemoer.
that, this project be recommended by the Board to the
General 'Assembly for,authorization in the amount of
$50.000. the Board's investment to be repaid per the
terms set forth above. It is further recommended that
the project not be initiated until the company has
obtained the balance of the financing needed and
continues to demonstrate the capacity to repay the
project costs.

.

Motion adopted unanimously.

2. Beaver Park Water Proiect
Proposed Financinq

FOllowing is the proposed funding for this project:

RC&D Grant (Soil Conservation
Service)
CWCB (to be repaid by Beaver
Park Water. Inc.. users)
TOTAL

$125.000

125.000
$250.000

Under this financing arrangement. the company would
have to repay the CWCB $7.265 per year for 40 years for
a total repayment of $291.400. .

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