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<br />Adjourn: 12:20 p.m. <br /> <br />adequate collateral is presented in the form of pledged revenues from <br />assessments and shall be free ofliens and encumbrances; 4) the CWCB loan <br />will have parity with any existing loans; 5) the applicant will commit to <br />comply with the terms of the Division 2 Engineer's administrative order. 6) <br />The applicant will continue to pursue any other possible sources of funding; <br />and 7) completion and long-term financing of the project shall not be <br />dependent upon further funding by the CWCB, and that 8) the applicant <br />comply with all applicable rules governing CWCB loans. The motion was <br />seconded by Eric Kuhn. After discussion of parity issues, Patricia Wells <br />suggested that the motion be modified to state that parity be acquired if <br />feasible, rather than required. The modification was acceptable to Eric Kuhn. <br />Hal Simpson the suggested the motion be modified further to encourage that <br />water rights be part of the collateral package. This re-modified motion was <br />accepted by the first and second, and approved unanimously (10-0). <br /> <br />L:\boardmemlJuly99\May 99 minutes.doc <br /> <br />Minutes May 24-25, 1999 <br />Page 9 <br />