BOARD01857

• Board Meeting Date: 1/27/2004
• Description: Summary Minutes and Record of Decisions - January 27-28, 2004
• Board Meetings - Doc Type: Minutes

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a. Policy #17 - Application Approval and Use of Grants From the Feasibility Study
Small Grant Fund
Tape 1, Track 1 2:50:35 - 2:57:20
Action: A motion was made by David Smith with a second by Bob Burr to approve
staff recommendation that the Board approve Financial Policy #17 -
Application Approval and Use of Grants from the Feasibility Study Small
Grant Fund. Motion was approved 9-0. Ray Wright was not present.

13. Water Supply Planning and Finance - Design and Construction Status Report
Tape 1, Track 1 2:57:20-3:18:18
Action: Information item. No formal action taken.

14. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust
Fund Perpetual Base Account New Loans
a. Lower Platte and Beaver Canal Company - Well Augmentation Project
Tape 1, Track 1 3:18:18 - 3:34:54
Action: A motion was made by David Smith with a second by Greg Hoskin to approve
the staff recommendation to provide a Small Project Loan from the
Construction Fund in amount up to $313,605 ($310,500 for project costs and
$3,105 for the 1 % Loan Service Fee, in accordance with CWCB Loan Policy
#16) to the Lower Platte and Beaver Canal Company. The loan is for up to
90% of the costs to construct a well augmentation and groundwater recharge
project including payment of project costs already incurred. The
recommended loan terms are 30 years at 2.5% (2.58% Annual Percentage
Rate), 20 years at 2.25% (2.36% Annual Percentage Rate), or 10 years at 2%
(2.20% Annual Percentage Rate), at the borrower's option. Security for the
loan will be a pledge of assessment revenues backed by assessment covenant
and other Company property adequate to assure repayment of the loan, in
accordance with CWCB Loan Policy #5.

The final approval of the loan will be conditioned upon all standard
contracting provisions of the CWCB.

Motion was approved 9-0. Ray Wright was not present.
b. East Fork Mutual Irrigation Company - Ditch Rehabilitation Project
Tape 1, Track 1 3:34:54 - 3:49:43
Action: A motion was made by David Smith with a second by Bob Burr to approve
staff recommendation to provide a Small Project Loan from the Construction
Fund in an amount up to $259,860 ($257,287 for the project costs and $2,573
for the 1 % Loan Service Fee, in accordance with CWCB Loan Policy #16) to
the East Fork Mutual Irrigation Company. The loan is for up to 75% of the
cost to rehabilitate the Company's ditch system including payment of project
costs already incurred. The recommended term of the loan is 30 years and the
recommended interest rate is 2.5% (2.577% Annual Percentage Rate.)
Security for the loan will be a pledge of assessment revenues backed by
assessment covenant and other Company property adequate to assure
repayment of the loan, in accordance with CWCB Loan Policy #5.

Flood Protection. Water Project Planning and Finance. Stream and Lake Protection
Water Supply Protection. Conservation Planning