Laserfiche WebLink
<br />,':~,>! <br /> <br />.,~ ' <br /> <br />. <br /> <br />" <br /> <br />Agenda Item 13b. <br />January 28, 1998 <br />Page 2 <br /> <br />- <br /> <br />DISCUSSION <br /> <br />The CWCB approved a loan amount of $500K for a term of 30 years. The approved interest rate <br />for the loan was a weighted average of the 4 % Agricultural rate for 72 % of the shares, and the <br />Standard Municipal rate of 5% for the remaining 28% of the shares. (Fort Collins had a median <br />household income between 80% and 110% of the 1990 State MIll, qualifying the municipal <br />portion of the shares for the Standard Municipal loan rate.) The weighted average loan rate for a <br />30-year loan is 4.28%. <br /> <br />The Company has since indicated that it wishes to start project #2 in the spring of 1998, and <br />would also like the option of selecting a shorter loan term. The weighted average rate for a 20- <br />year loan would be 4.03%. For a 10-year loan the rate would be 3.78%. <br /> <br />Revised STAFF RECOMMENDATION (Revisions shown in Italics) <br /> <br />The staff recommends : <br /> <br />1. That a Construction Fund Authorization in an amount of $500,000 not to exceed 75% of .- <br />actual project costs be recommended for the North Poudre Irrigation Company to ., <br />rehabilitate reservoirs and ditches within their irrigation system, and <br /> <br />2. That the financing terms for this Construction Fund AuthorizJ1tion shall be at an annual <br />percentage rate equal to a weighted average of the "Agricultural" and "Standard <br />Municipal" rates. The rate wiU be 4.28% for a 30 year loan, or 4.03% for a 20 year loan, <br />or 3.78% for a 10 year loan, and <br /> <br />3. That a grant from the Small Dam site Reconnaissance Fund, in a maximum amount of <br />$1000, not to exceed 50% of the total study cost, be approved for the North Poudre <br />Irrigation Company, to help pay for the cost of the Feasibility Study, and <br /> <br />4. That loan approval shall be contingent completion of the Feasibility Study, and upon all <br />standard contracting provisions of the CWCB, as determined by the CWCB Director, <br />and <br /> <br />5. That collateral for the loan shall be a security interest in the stream of income derived by <br />the Company from assessments, and other collateral to be determined, as approved by <br />the CWCB Director, and <br /> <br />6. That the loan may be used to refinance a project that has already been completed, if <br />approved by the CWCB Director. <br /> <br />Attachments <br />D:\msword\NorthPoudre97-98.memo <br /> <br />e <br />