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<br />" <br /> <br />Bijou Irrigation District <br />May 24-25, 2005 <br /> <br />Agenda Item 15a <br /> <br />Recommendation <br /> <br />. <br /> <br />Staff recommends a loan not to exceed $672,660 ($666,000 for project costs and $6,660 for the 1 % <br />Loan Service Fee in accordance with CWCB Loan Policy #16), to the Bijou Irrigation District from <br />the Severance Tax Trust Fund Perpetual Base Account, to construct a new spillway and install toe <br />drains. The recommended temns of the loan are 30 years at 2.50 % per annum. Security for the loan <br />will be a pledge of Bijou Irrigation District annual tax levy revenues. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. Further, staff recommends the following approval condition: <br /> <br />The proposed increase in tax levy from $10 per acre to $12 per acre to cover CWCB loan <br />repayment, as well as the authority to assume the proposed indebtedness, shall be <br />approved by the BID electors in accordance with the applicable provisions of the Irrigation <br />District Law of 1905, C.RS. 37-41-113(4) and C.RS. 37-41-117.) <br /> <br />cc: Kathy Samples, Secretary, Sijou Irrigation District <br />Rich Tocher, P.E., Tetra TechRMC, Inc., Longmont, CO <br />Amy Stengei, AGO <br /> <br />Attachment <br /> <br />. <br /> <br />. <br /> <br />Page 6 of 6 <br />