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<br />- 9- <br /> <br />. <br /> <br />loan origination fee in accordance with CWCB Policy #16, The maximum <br />loan amount may be increased to $76,356 if the borrower elects to finance the <br />I % loan service charge. The motion was amended to state that security for <br />the loan will be the 160 acres agricultural real estate land as described in the <br />staff memorandum, in accordance with CWCB Loan Policy #5 (Collateral), <br />with total collateral value equal to or greater $76,356. <br /> <br />The motion was approved 9-0. Greg Walcher was not present. <br /> <br />e, Supply Irrigating Ditch Company - Knoth Reservoir Rehabilitation <br />Tape 3, Track I 4:34:00 - 4:46:00 <br />Action: A motion was made by Don Schwindt with a second by David Smith to <br />approve the staff recommendation to provide a Small Project Loan from the <br />Construction fund, not to exceed $1,000,000, to the Supply Irrigating Ditch <br />Company to rehabilitate and enlarge the Knoth Reservoir. The recommended <br />term of the loan is 30 years and the recommended blended interest rate is 3% <br />(3,079% Annual Percentage Rate.) Security for the loan will be a pledge of <br />assessment revenues backed by assessment covenant and the proj ect itself, <br />which will consist ofthe perpetual easement for use of the Knoth Reservoir <br />for storage of water owned by the Supply Irrigating Ditch Company and Yz the <br />storage rights within the new rehabilitated Knoth Reservoir in accordance <br />with CWCB Loan Policy #5. <br /> <br />. <br /> <br />The Board further recommends that final approval of the loan be conditioned <br />upon 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 9-0. Greg Walcher was not present. <br /> <br />f. Town of Coal Creek - Water Rights Purchase <br />Tape 3, Track I 4:46:00 -S:18:M . <br />Action: A motion was made by Carolyn McIntosh with a second by Ray Wright to <br />approve the staff recommendation to provide a Small Project loan from the <br />Construction Fund in the amount of$67,500 to the Town of Coal Creek acting <br />by and through its enterprise fund to pay for up to 90% of the cost to purchase <br />water rights. The recommended loan terms are 30 years at 3,75% (3.832% <br />Annual Percentage Rate.) As security for the loan the Town will pledge <br />revenues backed by rate covenant in compliance with CWCB Loan Policy #5 <br />(Collateral) . <br /> <br />. <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. The maximum <br />loan amount maybe increased to $68,175 if the borrower elects to finance the <br />I % loan service charge. An appraisal or written opinion of value of the water <br />shares must also be provided by the Borrower as a condition of obtaining the <br />CWCB loan. <br /> <br />Colorado Water Conservation Board <br />Flood Protection. Water Project Pla:tU1ing and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />