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Kenosha Trout Club January 24-26, 200t Agenda Item tld. 191% siron $90 110 acre-feet 116% $355 156 acre.feet Income to repay the CWCB loan will come from a dues Increase of about $117 per month. The KTC's ability to enforce payment of membership dues through lien and foreclosure against Individual properties assures that dues can always be collected. As security for the loan the KTC will pledge revenues from membership dues backed by rate covenant, and other KTC property (water rights or real estate) of value at least equal to the loan amount. 21 ,I . Recommendation Staff recommends a loan in amount of $600,000 to the Kenosha Trout Club to pay for up to 75% of the costs to purchase water rights for augmentation, for directly related engineering and legal costs to convert those water rights to augmentation use, and for engineering and construction costs associated with rehabilitation of the Lininger Lake Dam. The recommended loan terms are 30 years at 5.5%. As security for the loan, the . Kenosha Trout Club will pledge membership dues backed by rate covenant and other property (water rights or real estate) of value at least equal to the loan amount. The loan would be funded from the Severance Tax Perpetual Base Account. Staff further recommends that final approval of the loan be conditioned upon acceptance of the project and the associated financial obligations by a vote of the members of the Kenosha Trout Club. Regardless of the water rights ultimately purchased an appraisal or written opinion of value must be prOVided by the Borrower as a condition of obtaining the ewcs loan. ' cc: Dave Echter, KTC Greg Roush, P.E. Linda Bassi, AGO Attachment C:\Kenosha Troutt Ot memo L:\wclranslboardmem~anOl\ltd Kenosha Trout Club 4 .