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-7 - Board further recommended that the Cloud Seeding project would be given a higher priority ranking and allocated a $25,000 budget. The motion was approved 9-0. Greg Walcher was not present. 23. Statewide Water Supply Initiative (SWSI) Implementation and Update Tape 3, Track 1 3:34:093:54:00 Action: A motion was made by Keith Catlin with a second by Bob Burr that the staff continue to finalize the Scope of Work and begin contract negotiations. The motion was approved 8-0. Harold Miskel abstained. Greg Walcher was not present. 24. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust Fund Perpetual Base Account New Loans Tape 3 , Track 1 3:54:00 - 3:56:00 a. Silt Water Conservancy District - Pump Plant Transformer Replacement Action: A motion was made by Carolyn McIntosh and with a second by David Smith to approve the staff recommendation to provide a Small Project loan from the Construction Fund in an amount of $486,000 to the Silt Water Conservancy District and/or the Silt Water Conservancy District Water Activity Enterprise for up to 90% of the costs to replace the transformer and complete related construction work at its pumping plant on the Colorado River. The recommended term of the loan is 30 years and the lending rate is 2.75% (2.828% Annual Percentage Rate). Security for the loan will be a pledge of assessment revenues backed by assessment covenant, in accordance with CWCB Loan Policy #5 (Collateral). An addition to the staff recommendation was made to add "by and through' the Silt Water Conservancy District'. The Board further recommends that final approval of the loan be conditioned upon all standard contracting provisions of the CWCB, including the 1 % loan origination fee charged in accordance with CWCB Policy #16. The maximum loan amount may be increased to $490,860, if the borrower elects to finance the 1 % loan service charge. The motion was approved 9-0. Greg Walcher was not present. b. Stieb Brothers, Inc. - Well Augmentation Project Tape 3, Track 1 4:26:00 - 4:34:00 Action: A motion was made by Carolyn McIntosh with a second by Keith Catlin to approve the staff recommendation to provide a Small Project Loan not to exceed $151,500 to the Stieb Brothers, Inc. from the Construction Fund to construct a system of wells and recharge ponds to replace out-of-priority irrigation well depletions. The recommended term of the loan is 20 years and the recommended lending rate is 2.5% per year. Security for the loan will be Stieb Brothers, Inc. agricultural real estate with a total collateral of $151,500. The real estate value will be supported by documentation from a Colorado Colorado Water Conservation Board Flood Protection. Water Project Planning and Finance. Stream and Lake Protection Water Supply Protection. Conservation Planning