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<br />Action: <br /> <br />A motion was made by Keith Catlin to approve staff recommendation that the <br />Board approve a loan not to exceed $1,141,300 to the Overland Ditch and <br />Reservoir Company for engineering and construction costs associated with the <br />Overland reservoir rehabilitation Project. The terms shall be based on the current <br />agricultural interest rate of 2.5% per annum for a 30-year loan. Final approval of <br />the loan shall be conditioned upon all standard contracting provisions of the <br />CWCB, and security for the loan shall be collateral in compliance with CWCDB <br />Loan Policy #5. The motion was seconded by Tom Sharp and approved <br />unanimously (8-0). <br /> <br />6b. Water Supply Planning and Finance Section - New Project Loans - Number Six Ditch <br />Company, Inc. <br />Tape 1, Track 2 0:23:09 - 0:33:14 <br />Action: A motion was made by Don Schwindt to approve the staff recommendation that <br />the Board approve an initial loan, not to exceed $688,942 for engineering and <br />construction costs, to the Number Six Ditch Company from the Severance Tax <br />Trust Fund Perpetual Base Account, for the Number Six Ditch Pipeline Project. <br />The staff further recommends a post-construction loan not to exceed $265,242 <br />($258,353 for project costs and $6,889 for the 1 % Loan Service Fee) to the <br />Company with terms based on the current agricultural rate (30 years at 2.50% per <br />annum). Security for the loan will be collateral in compliance with CWCB Loan <br />Policy No.5. <br />Staff further recommends that final approval of the loan be conditioned upon the <br />following: <br />1. Executed USDA Conservation Program Contract. <br />2. Company's Funding Agreement shall include a "step-up" provision. <br />3. All standard contracting provisions of the CWCB Loan Program <br />including a revised Debt Service Reserve Fund Provision that requires two <br />annual loan payments (one payment set aside at the time of first draw of funds <br />and one third of an annual payment set aside at the time of each of the first three <br />annual loan payments). <br />4. Entry of Decree by Division 7 Water Court approving the changes of <br />points of diversion necessary to enable the Company's members to benefit from <br />the Proj ect. <br />The motion was seconded by Bob Burr and approved unanimously (8-0). <br /> <br />6c. Water Supply Planning and Finance Section - New Project Loans - East Mancos <br />Highline Ditch Company <br />Tape 1, Track 2 0:33:14 - 0:42:44 <br />Action: A motion was made by Don Schwindt to approve the staff recommendation <br />That the Board approve an initial loan, not to exceed $904,000 for engineering <br />and construction costs, to the East Mancos Highline Ditch Company from the <br />Severance Tax Trust Fund Perpetual Base Account, for the East Mancos Highline <br />Ditch Pipeline Project. The staff further recommends a post-construction loan not to <br />exceed $467,114 ($458,074 for project costs and $9,040 for the 1 % Loan Service <br />Fee) to the Company with terms based on the current agricultural rate (30 years at <br />2.50% per annum). Security for the loan will be collateral in compliance with <br />CWCB Loan Policy No.5. <br /> <br />Flood Protection. Water Supply Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation and Drought Planning <br />3 <br />