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<br /> <br />COLLATERAL. <br /> <br />In accordance with the Board Policy No.5, adopted in September 1999, the CWCS staff <br />will evaluate and recommend to the Board collateral requirements taken in the following <br />priority until sufficient security is established for a project loan to a district: <br /> <br />(1) Pledge of revenues backed by a rate covenant and annual financial reporting, <br /> <br />(2) Facilities, water rights, and/or other real property, <br /> <br />(3) Any other assets. <br /> <br />The staff has reviewed and analyzed the District's and the Vallecito Water Company's <br />financial statements and related information, and considers adequate collateral for the <br />loan to be a pledge of water system revenues backed by a rate covenant and annual <br />financial reporting. <br /> <br />STAFF ReCOMMENDATION <br /> <br />The staff recommends that for the $341,000 lo~n to Pine River Irrigation District, the <br />Board approve (1) revising the collateral In accordance with CWCB Policy No.5; and (2) <br />contracting with the District, acting by and through'the Vallecito Water Company. <br /> <br />1 <br /> <br /> <br />. <br /> <br />. <br /> <br />. <br />