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<br />Central Colorado WCD <br />November 25-26, 2002 <br /> <br />Agenda! Item 20e. <br /> <br />As security for the loan the GMS-CCWCD will pledge Tax revenues backed by rate <br />covenant. This security is in compliance with CWCB Loan Policy #5 (Collateral). <br /> <br />Recommendation . 14 <br />Staff recommends a loan In a maximum amount of ~,OOO,OOO to the Groundwater <br />Management Subdistrict of the Central Colorado Water Conservancy District. The loan <br />is for up to 90% of the costs of a project to purchase senior water rights and to construct <br />water storage and recharge facilities for augmentation purposes. The recommended <br />loan terms are 30 years at 2.75%. As security for the loan, the Borrower will pledge <br />security in compliance with CWCB Loan Policy #5. The Borrower must provide an <br />appraisal or written opinion of value of water rights purchased as a condition of obtaining <br />the CWCB loan. The loan will be funded from the Construction Fund. <br /> <br />Staff recommends that the Borrower be allowed to use this loan to refinance project <br />costs already paid for with short term bridge' financing. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other <br />standard contracting provisions of the CWCB. . <br /> <br />cc: Tom Cech, GMS-CCWCD <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\CCWCD 1102 memo <br /> <br />L:\wctrans\boardmem~nov02\20e Central Colorado WeD <br /> <br />6 <br /> <br />e <br /> <br />e <br /> <br />e <br />