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<br />) <br /> <br />-7 - <br /> <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 />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 accept staff <br />recommendation that the Board approve an increase of $689,750, to the Town of <br />Kremmling, action by and through its enterprise, the existing $1,000,000 loan, <br />approved by the Board in November of 2002, from the Construction Fund. The <br />additional $689,750 increment offunding would be for 30-years at a lending rate <br />of 4.25%, which is the same interest and terms on their existing loan. The total <br />funding level for this project will be $1,689,750, or 69% ofthe total project costs. <br />Security for the loan will be a pledge of revenues backed by a rate covenant, in <br />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 I 3: 17:59 - 3:26:46 <br />Action: A motion was made by Eric Wilkinson with a second by Ray Wright to approve <br />staff recommendation for a loan not to exceed $334,739 ($331,425 for the project <br />costs and $3,314 for the 1% Loan Service Fee in accordance with CWCB Loan <br />Policy #16), to Ken, Dave and John Guenzi from the Severance Tax Trust Fund <br />Perpetual Base Account, to purchase an existing well augmentation recharge <br />project, and to pay expenses already incurred, and to construct additional <br />recharge facilities. The recommended terms ofthe loan are 30 years at 2.5% per <br />annum. Security for the loan will be a first lien on real estate with a total value <br />equal to or greater than the CWCB loan amount. <br /> <br />Staff further recommends 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 I 3: 17:59 - 3:26:46 <br />Action: A motion was made by Eric Wilkinson with a second by Ray Wright to approve <br />staff recommendation for a loan not to exceed $249,975 ($247,500 for project <br />costs and $2,475 fro the 1% Loan Service Fee in accordance with CWCB Loan <br />Policy # 16), to the 3T Cattle Company, from the Severance Tax Trust Fund <br />Perpetual Base Account, to purchase surface water rights to use for well <br />augmentation. The recommended terms of the loan are 30 years at 2.5% per <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />