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<br />, <br /> <br />- > <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />- 3 - <br /> <br />POLICY NUMBER: 16 <br /> <br />SUBJECT: <br /> <br />CONSTRUCTION FUND AND SEVERANCE TAX TRUST FUND <br />PERPETUAL BASE ACCOUNT LOAN SERVICE CHARGES <br /> <br />EFFECTNE DATE: January 1, 2003 <br /> <br />POLICY: <br /> <br />PURPOSE: <br /> <br />APPLICABILITY: <br /> <br />PROCEDURE: <br /> <br />The Colorado Water Conservation Board (CWCB) will charge borrowers a <br />service fee for loans and administrative functions during the life of a loan <br />from the Construction Fund and Severance Tax Trust Fund Perpetual Base <br />Account and amendments thereto, pursuant to sections 37-60-119(2) and 37- <br />60-121 (1)(b)(IV), C.R.S. (2001), <br /> <br />To establish a service fee schedule payable to the CWCB by borrowers from <br />the CWCB Construction Fund and Severance Tax Trust Fund Perpetual Base <br />Account. <br /> <br />This policy and procedure shall apply to all loans from the CWCB <br />Construction Fund and Severance Tax Trust Fund Perpetual Base Account, <br />amendments to loan contracts and partial releases of loan collateral. <br /> <br />The following fees will be assessed on all loan contracts, subsequent loan <br />contract amendments, and partial releases of collateral. <br /> <br />Loan Contracts - A service fee of one percent (1 %) of the total loan <br />amount will be charged upon completion of the loan contract. The <br />service fee will be deducted from the authorized loan amount at the <br />time of contract execution and will be transferred into a CWCB <br />operational account. In the event that the borrower does not use the <br />full loan amount authorized, an adjustment will be made to the service <br />fee to reflect the actual loan amount. In no event shall the service fee <br />exceed one percent (1 %) of the actual loan amount. As an example, a <br />borrower will receive $990,000 from a $1 million loan authorization, <br />and the CWCB will receive $10,000 to supplement its operating <br />budget. The borrower will then repay the total $1 million loan <br />amortized in accordance with the authorized terms. <br /> <br />Amendments - A service fee of $1,000 will be assessed for <br />amendments processed for the benefit of the borrower and necessary <br />for the borrower's course of business, including, but not limited to, <br />those listed in the table below. The service fee shall be remitted to the <br />CWCB by the borrower prior to initiation of the amendment. <br /> <br />Amendments in the course of CWCB business, including, but not <br />limited to, loan payment deferments (up to 3 per loan) and changes in <br />terms of loan repayment will be processed at no additional charge to <br />the borrower. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />