BOARD02128

• Board Meeting Date: 9/25/2000
• Description: Summary Minutes and Record of Decisions - September 25-26, 2000
• Board Meetings - Doc Type: Minutes

12a. City of Idaho Springs - Loan Deferral Request
Tape 2: Start/Stop: 0680 - 0796
Action: Jan IlIian (CWCB staff member) explained the need for the deferment of
repayment of a loan made to the City of Idaho Springs by the CWCB. A
motion was made by Patricia Wells to accept the recommendation of staff. It
was seconded by David Smith. It was unanimously approved. (9-0)

12b. Riverside Reservoir and Land Company - Change in Collateral
Tape 2: Start/Stop
Action: This item was cancelled.

Tape 2:
Action:

13a. Policy #7 - Revisions of Lending Rate Determination Policy

Start/Stop 0808 - 2123
Bill Green, CWCB staff member, explained the suggested revisions of the
lending rates for the Year 2000-2001. The lending rates are increasing

approximately 1/2% annually. The Board asked staff to

explain in an appropriate manner that policy was

being adopted because.. . (Staff to draft language

emphasizing reasons why agricultural rate is being

lowered.). A motion to revise the agricultural lending rate to 3-V2%
and to evaluate this decision annually to keep the agricultural rate at or
below the low-income municipal lending rate was made by Eric Kuhn.
David Smith seconded this motion. The motion was approved 8-1. Eric
Wilkinson also made a motion that every loan repayment contract contain
a provision stipulating that if the entities involved in that repayment
contract change from agriculture, or the non-agricultural sector of the
shareholders within an entity becomes greater, the interest rate should be
increased to reflect actual control. Patricia Wells seconded this motion.
There was discussion because this is not a standard practice. The
second motion was withdrawn until staff could develop a recommendation
for the Board at the November meeting.

13b. Policy #8 - Revisions of Rate of Return Policy
Tape 2: Start/Stop 2124 - 2221
2723 - 3185
Action: The motion was made by Eric Kuhn to accept the staff recommendation to
eliminate Policy #8. David Smith seconded the motion. It was approved
unanimously. (9-0)

13c. Policy #12 - Adoption of Procedures Regarding Prioritization of Loan Requests
Tape 2: Start/Stop 2231 - 2290
Action: Mike Serlet, CWCB staff member, presented information. The motion was
made by Eric Wilkinson to accept the staff recommendation and adopt the
procedures. It was seconded by Eric Kuhn. It was unanimously approved.
(9-0)

Minutes September 25-26, 2000
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