BOARD01866

• Board Meeting Date: 5/24/2004
• Description: Summary Minutes and Record of Decisions - March 16-17, 2004
• Board Meetings - Doc Type: Memo

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Tape 1 Track 5 2:46:25 - 3:12:59
f. Union Ditch Company - Well Augmentation / Recharge Project
Action: A motion was made by Eric Wilkinson with a second by David Smith to approve staff
recommended of a loan not to exceed $312,595 ($309,500 for project costs and
$3,095 for the one-percent Loan Service Fee in accordance with CWCB Loan Policy
#16) to the Union Ditch Company from the Severance Tax Trust Fund Perpetual Base
Account, to construct groundwater recharge facilities to develop replacement water to
offset out-of-priority depletions from well pumping. The recommended terms of the
loan are 30 years at 2,50% per annum. Security for the loan will be a pledge of
assessment revenues backed by assessment covenant and the Union Ditch diversion
structure on the South Platte River.

Staff further recommends that final approval of the loan be conditioned upon all other
standard contracting provisions of the CWCB.

Motion was approved 7-0. Russell George was not present.

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Tape 1 Track 5 3:12:57 - 3:22:00
g, Orchard City Irrigation District - Ditch and Headgate Rehabilitation
Action: A motion was made by Don Schwindt with a second by David Smith to approve staff
recommendation of a CWCB Small Project loan from the Severance Tax Trust Fund
Perpetual Base Account in amount up to $93,122 ($92,200 for project costs and $922
for the one-percent Loan Service Fee, in accordance with CWCB Loan Policy #16) to
the Orchard City Irrigation District. The loan is for up to 90% of the cost to
rehabilitate the Dry Creek Transfer Ditch and the Circle Ditch Headgate. 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 an assessment covenant, in accordance with CWCB
Loan Policy #5.

Staff further recommends that final approval of the loan be conditioned upon standard
contracting provisions of the CWCB, including final acceptance ofthe Feasibility
Study,

Motion was approved 7-0. Russell George was not present.

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Tape 1 Track 5 2:38:20 - 2:46:45
h. Upper Surface Creek Domestic Water Users Association - Diversion Structure and Raw
Water Pipeline Construction
Action: A motion was made by Greg Hoskin with a second by Don Schwindt to approve staff
recommendation of a loan not to exceed $163,802 ($162,180 for project costs and
$1,622 for the one-percent Loan Service Fee in accordance with CWCB Loan Policy
#16), to the Upper Surface Creek Domestic Water Users Association from the
Severance Tax Trust Fund Perpetual Base Account, to construct a new raw water
diversion structure and raw water pipeline and pay project costs already incurred.
The recommended terms ofthe loan are 20 years at 3.25% per annum. Security for

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