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<br />" <br /> <br />. <br /> <br />Agenda Item 8a. <br />January 28, 1998 <br />Page 3 <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That a Construction Fund Authorization in an amount of $450,000, not to exceed 85% of <br />actual costs be reoommended for the Riverside Reservoir and Land Company to <br />construct an emergency spillway on the Riverside Reservoir, and to purchase BLM land <br />within the reservoir basin and immediately adjacent to the reservoir, and <br /> <br />2. That the fmancing terms for this Construction Fund Authorization shall be at an annual <br />percentage rate of 3.75% for a duration of 20 years, (which is the Agricultural rate for <br />a 20 year loan, as set by the CWCB November 24, 1997), and <br /> <br />3. That loan approval shall be contingent completion of the Feasibility Study, and upon all <br />standard contracting provisions of the CWCB, as determined by the CWCB Director, <br />and <br /> <br />4. That collateral for the loan shall be a security interest in the stream of income derived by <br />the Company from assessments, and other collateral to be determined, as approved by <br />. the CWCB Director, and <br /> <br />5. That a grant from the Small Dam Site Reconnaissance Fund, in a maximum amount of <br />$2,500, not to exceed 50% of the total study cost, be approved for the Riverside <br />Reservoir and Land Company, to help pay for the cost of the Feasibility Study. <br /> <br />AttacJunents <br />D:\msword\Riverside97~98.memo <br /> <br />. <br /> <br />\ <br />