<br />-7 -
<br />
<br />Action:
<br />
<br />A motion was made by Don Schwindt with a second by Eric Wilkinson to
<br />approve staff recommendation that the Board adopt the schedule of 30-year
<br />lending rates based on the Board approved Financial Policy #7, for all loans
<br />recommended to the General Assembly or approved by the Board from July 1,
<br />2004 through June 30, 2005,
<br />Motion was approved 9-0,
<br />
<br />20, Water Supply Planning and Finance Section - Changes to Existing Loans (3:30 - 4:00)
<br />a, Owl Creek Reservoir Company
<br />Action: This item was deleted from the agenda and no formal action was taken,
<br />
<br />b, Town of Kremmling
<br />Tape 31 Track 2 1:04:10 - 1:10:10
<br />Action: A motion was made by Eric Wilkinson with a second by Bob Burr to approve the
<br />staffrecommendation that the Board approve an increase of $689,750, to the
<br />Town of Kremmling, action by and through its enterprise, the existing
<br />$1,000,000 loan, approved by the Board in November of 2002, from the
<br />Construction Fund, The additional $689,750 increment of funding would be for
<br />30-years at a lending rate of 4.25%, which is the same interest and terms on their
<br />existing loan, The total funding level for this project will be $1,689,750, or 69%
<br />of the total project costs, Security for the loan will be a pledge of revenues
<br />backed by a rate covenant, in accordance with Policy No, 5 (Collateral),
<br />
<br />Staff further recommends that the following conditions be met prior to entering
<br />into a contract for the additional loan increment of funding:
<br />(1) The loan increase shall be contingent upon all standard-contracting
<br />provisions for the Colorado Water Conservation Board.
<br />Motion was approved 9-0,
<br />
<br />21. Water Supply Planning and Finance Section - New Project Loans (4:00 - 4:45)
<br />a, Guenzi Farms, Inc, - Groundwater Recharge Project and Water Rights Purchase
<br />Tape 3, Track 1 3:17:59 - 3:26:46
<br />Action: A motion was made by Eric Wilkinson with a second by Ray Wright to approve
<br />the staffrecommendation to approve a loan not to exceed $334,739 ($331,425 for
<br />the project costs and $3,314 for the 1 % Loan Service Fee in accordance with
<br />CWCB Loan Policy #16), to Ken, Dave and John Guenzi from the Severance
<br />Tax Trust Fund Perpetual Base Account, to purchase an existing well
<br />augmentation recharge project, and to pay expenses already incurred, and to
<br />construct additional recharge facilities. The recommended terms of the loan are
<br />30 years at 2,5% per annum, Security for the loan will be a first lien on real
<br />estate with a total value equal to or greater than the CWCB loan amount.
<br />
<br />The Board further directs that final approval of the loan be conditioned upon all
<br />other standard contracting provisions of the CWCB, and further recommends the
<br />follow approval condition:
<br />In the event that the NRCS grant funds are obtained for a portion of the
<br />project, said grant funds shall be used to reduce the principal amount of the
<br />CWCB loan,
<br />Motion was approved 9-0,
<br />b, 3T Cattle Company - Water Rights Purchase for Groundwater Augmentation
<br />Tape 3, Track 1 3:17:59 - 3:26:46
<br />
<br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection
<br />Water Supply Protection. Conservation Planning
<br />
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