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<br />- 8- <br /> <br />Certified General Appraiser, and all necessary permits and easements must be <br />obtained. <br /> <br />The Board further recommends that final approval of the loan be conditioned <br />upon all other standard contracting provisions of the CWCB, including the 1 % <br />loan origination fee in accordance with CWCB Policy #16. The maximum <br />loan amount may be increased to $153,015 if the borrower elects to finance <br />the 1 % loan service charge. The motion was amended to state that security <br />for the loan will be a first lien on the agricultural real estate described in the <br />staff memorandum, with a total collateral value greater than or equal to <br />$153,015. <br /> <br />The motion was approved. Greg Walcher was not present. <br /> <br />c. Lake Meredith Reservoir Company - Lake Meredith Outlet Canal Relocation <br />Tape 3, Track 1 3:56:00 - 4:11:43 <br />Action: A motion was made by Greg Hoskin with a second by Carolyn McIntosh to <br />approve the staff recommendation to provide a Small Project Loan not to <br />exceed $1,000,000 to the Lake Meredith Reservoir Company to relocate the <br />outlet canal of Lake Meredith. The recommended term of the loan is 30 years <br />and the recommended lending rate is 4.00% (4.083% Annual Percentage <br />Rate.) Security for the loan will be first interest pledge of assessment <br />revenues backed by assessment covenant and a first lien on the project itself, <br />in accordance with CWCB Loan Policy #5 (Collateral). The loan will be <br />funded from the Construction Fund. <br /> <br />The Board further recommends that final approval of the loan be conditioned <br />upon all standard contracting provisions of the CWCB, including the 1 % loan <br />origination fee charged in accordance with CWCB Policy #16. <br /> <br />The motion was approved 8-0 with Harold Miskel abstaining. Greg Walcher <br />was not present. <br /> <br />d. Glenn D. Toyne - Well Augmentation Project <br />Tape 3, Track 1 4: 11 :43 - 4:26:00 <br />Action: A motion was made by Don Schwindt with a second by Carolyn McIntosh to <br />approve the staff recommendation to provide a Small Project Loan not to <br />exceed to $75,600 to Glen D. Toyne from the Construction Fund to construct <br />a system of wells and recharge pond to replace out-of-priority irrigation well <br />depletions. The recommended term of the loan is 30 years and the <br />recommended lending rate is 2.75% per annum. Security for the loan will be <br />agricultural real estate with a total collateral value of $75,600. The real estate <br />value will be supported by documentation from a Colorado Certified General <br />Appraiser, and all necessary permits and easements must be obtained. <br /> <br />The Board further recommends that final approval of the loan be conditioned <br />upon all other standard contracting provisions of the CWCB, including the 1 % <br /> <br />Colorado Water Conservation Board <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />