Laserfiche WebLink
<br />- 8- <br /> <br />revenues backed by a rate covenant and annual financial reporting. Approval <br />conditions are as follows: <br />1. CWCB loan approval shall be conditioned upon the Town obtaining bond <br />approval or alternate funding totaling $710,000 (unless The Conservation Fund <br />contracts for sale of the land component of the property to another suitable private <br />buyers), in addition to the Town's commitment of $190,000 from their Water <br />Fund reserves. <br />2. Prior to execution of the loan contract with CWCB, the Town shall provide a <br />copy of the Ark Land Property appraisal obtained by The Conservation Fund, <br />indicating that the appraised value of land and water taps equals or exceeds the <br />purchase price of $1.8 million. <br />3. Prior to execution of the contract with CWCB, the Town shall provide CWCB a <br />final Feasibility Study. <br />4. As part of this loan approval, the previous Construction Fund Loan (HB 95-1155) <br />to the Town of Paonia, in the amount of $600,000 for a new reservoir construction <br />was de authorized. <br />5. Proof shall be provided by the Town of Paonia that all of the CWCB money <br />loaned will be used exclusively to purchase the water taps: and in accordance with <br />paragraph 3 of Attorney General Ken Salazar's letter of January 8, 2003, the <br />Board hereby finds that the proposed loan to the Town of Paonia will promote the <br />general welfare of the citizens benefited by the retired water taps by reducing <br />demand and making the Town's water supply more reliable. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other <br />standard contracting provisions of the CWCB. The motion was approved 10-0. <br /> <br />g. GMS Land and Cattle LLC - Rehabilitation of Giffin #1 and #2 Reservoirs <br />Tape 2, <br />Track I, Start/Stop: 1:59:00 - 2:15:00 <br />Action: A motion was made by Eric Wilkinson with a second by David Smith to <br />approve the staff recommendation for a CWCB Small Project Loan in the <br />maximum amount of $200,000 to the G.M.S. Land and Cattle Company, LLC, <br />to rehabilitate the Giffin #1 and #2 reservoirs. The maximum loan amount <br />may be increased to $202,000 if the borrower elects to finance the I % loan <br />service charge in accordance with CWCB Policy #16. The recommended loan <br />terms are 30 years at 2.75% or 20 years at 2.5%, at the borrower's option. <br />Security for the loan will be the west 1/2 of Section 18, TlON, R66W <br />containing approximately 320 acres of farmland (including an easement for <br />maintenance access and storage of water for Giffin #2 Reservoir within <br />Section 7, TlON, R66W) with value documented by a Certified General <br />Appraiser. Staff further recommends that final approval of the loan be <br />conditioned upon all other standard contracting provisions of the CWCB, <br />including Loan Policy #16 (Loan Service Charges 1%). The motion was <br />approved 10-0. <br /> <br />h. Low Line Ditch Company - Well Augmentation Project <br />Tape 2, <br />Track I, Start/Stop: 2:15:00 - 2:21:00 <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />