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<br />, <br /> <br />. <br /> <br />e <br /> <br />e <br /> <br />e <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 />EFFECTIVE DATE: January 1,2003 <br /> <br />POLICY: 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-l2l(1)(b)(IV), C.R.S. (2001). <br /> <br />PURPOSE: 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 />APPLICABILITY: 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 ofloan collateral. <br /> <br />PROCEDURE: <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 added to the authorized loan amount at the time of <br />contract execution and will be transferred into a CWCB operational <br />account. In the event that the borrower does not use the full loan <br />amount authorized, an adjustment will be made to the service fee to <br />reflect the actual loan amount. In no event shall the service fee exceed <br />one percent (1 %) of the actual loan amount. As an example, a loan <br />contract will be written for $505,000 for a loan authorization of <br />$500,000. The borrower will receive $500,000 and the CWCB will <br />receive $5,000 to supplement its operating budget. The borrower will <br />then repay the total $505,000 loan amortized in accordance with the <br />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 /> <br />limited to, loan payment deferments (up to 3 per loan) and changes in <br /> <br />terms of loan repayment will be processed at no additional charge to <br /> <br />the borrower. <br /> <br />Flood Protection. Water Project Planning and Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />