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<br />a low interest rate loan to some major energy company or something like <br />that. I think we're doing it for one purpose and it ought to stay there. <br />COQldn't we accelerate our loan? ' <br /> <br />MR. ROBBINS: It seems to me that we own a percentage of the project. <br />Whatever portion we're paying for under the manner in which the fund <br />works, we own that portion of the project. I would certainly think <br />we could set restrictions on the type of use of the water ~hat was <br />developed by our portion of the project. <br /> <br />. - <br />MR. SPARKS: As far as any portion of the project that we might own, <br />we could- put conditions in- that' the use' of the water- could not be " <br />changed during the term of the contract without consent- of, ,this Board. <br />That is perfectly valid. .: . <br /> <br />MR. JACKSON: I would, ask our legal counsel whether that'really entirely <br />takes care of it, because our pDrtion is eighty-five thousand out of <br />two million six hundred and thirty. Pardon me, eight hundred and fifty <br />thousand. ' So are you saying we' would ,have- control of one :third of "the <br />water or. of: the whole project? ' <br /> <br />MR. ,MOSES: I don't know whether yo"u'reasking me or David.: But any-. <br />way I 'don't think there is any p'roblem ,there in structuring the' con- <br />tract so that y.ouprovide that as long 'as there is any outstanding , <br />indebtedness to the state that there couldn't be any change in use of <br />more than ten percent or whatever it ,is that Hotchkiss is'looking at . <br />down the road of the water without the consent of the Board. <br />, , <br /> <br />I don't 'think you could structure a contract' that could prevent them <br />from paying 6ff the indebtedness and then doing'whatever they 'wanted to <br />with it after they paid you:off.' <br /> <br />MR.- JACKSON: That,'s fine. <br /> <br />. - <br />MR. SHERMAN: I'm just curious and would ask Larry, under these kinds <br />of conditions, how long -a period does it take to pay back,: normally? . <br /> <br />- - <br />MR. SPARKS: Thirty to forty years ~ in' this case, we have forty..years. <br /> <br />, , <br />MR. MOSES: :Mr. Chairman, if you have got the money and the other: <br />fellow wants it, you can get practically any terms in the contract that <br />you' want; , <br /> <br />I <br /> <br />(Laughter.) : <br /> <br />MR. VANDEMOER: Mr. Chairman, could I add too, the Board I'm sure I <br />isn't picking 1Dp on this 'Overland Ditch Company. Ithink:what we're <br />talking about is doing what we would do with any project where .we have <br />agricultural land and water. Right now it looks like poor Overland <br />Ditch Company is sitting there taking a beating. But I. ,don';t think". <br />that's the purpose of this Board at all. , <br /> <br />MR. STAPLETON: Are ,there any -further 'questions on Overland? <br /> <br />(No response.) <br /> <br />-38- <br />