BOARD01519

• Board Meeting Date: 5/19/2003
• Description: Draft Summary Minutes and Record of Decisions - March 24-26, 2003
• Board Meetings - Doc Type: Memo

-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 Snpply 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 MacIntosh 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 ewCB 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