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<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 />