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<br /> <br />- <br /> <br />- 8 - <br /> <br />, <br /> <br />annum. Security for the loan will be a pledge of assessment revenues <br />backed by assessment covenant and the project itself, including water <br />rights and property owned. The loan shall be conditioned upon all <br />other standard contracting provisions of the CWCB, including the 1 % <br />loan origination fee in accordance with CWCB Policy #16. The <br />maximum loan amount maybe increased to $104,535 if the borrower <br />elects to finance the 1 % loan service charge, <br /> <br />. <br /> <br />The motion was approved 8-0. Greg Walcher and Carolyn McIntosh were not <br />present. <br /> <br />e. Upper Platte and Beaver Canal Company <br />Tape2, Trackl 2:55:00 - 3:08:00 <br />Action: A motion was made by Bob Burr and seconded by Dave Smith to approve the <br />staff recommendation to provide a Small Project Loan from the Construction <br />Fund to the Upper Platte and Beaver Canal Company to construct a well <br />augmentation project on Badger Creek. The maximum loan amount is <br />$67,500 for up to 90% of the project cost and the recommended loan tenus are <br />10 years at 2.25% (2.35% Annual Percentage Rate). Security for the loan will <br />be a pledge of assessment revenues backed by assessment covenant and the <br />project itself. The loan shall be conditioned upon all standard contracting <br />provisions of the CWCB, including the 1 % loan origination fee charged in <br />accordance with CWCB Policy #16. The maximum loan amount may be <br />increased to $68,175, if the borrower elects to finance the 1% loan service . <br />charge. <br /> <br />The motion was approved 8-0. Greg Walcher and Carolyn McIntosh were not <br />present. <br /> <br />19. Windsor Reservoir and Canal Company System Rehabilitation Project <br />Tape2, Trackl 3:17:00 - 3:24:00 <br />Action: A motion was made by Keith: Catlin and seconded by Bob Burr to approve the <br />staff recommendation for a $301,500 loan increase to the Windsor Reservoir <br />and Canal Company. The additional $301,500 increment of funding would be <br />for 30 years at a lending rate of 4.0%. The total funding level for this project <br />will be $2,658,500. <br /> <br />The Board further recommends that the following conditions be met prior to <br />entering into a contract for the additional loan increment of funding; <br />1. The Board of Directors of the Windsor Reservoir and Canal Company <br />will adopt and the Company's shareholders will approve an increase in <br />assessments to provide adequate debt service coverage for the new <br />loan and for all existing loans. <br />2. The Board of Directors and the shareholders of the Windsor Reservoir <br />and Canal Company will adopt a resolution or resolutions approving <br />the loan, the pledge of revenues and the conveyance of a security . <br />interest in the Windsor Reservoir, Elder Reservoir and No.8 <br />Reservoir. <br />3. The authorization will not commit the Colorado Water Conservation <br /> <br />