BOARD02265

• Board Meeting Date: 11/25/1996
• Description: Summary Minutes and Record of Decisions - November 25-26, 1996
• Board Meetings - Doc Type: Minutes

Action: There was one correction to the September 1996 minutes: there was a misspelling of
the word amortization in item 15. A motion was made by David Smith to
approve the minutes with this change. The motion was seconded by Ray
Werner and approved unanimously (9-0).

3. Directors' Reports - CWCB, DOW, SEO, AG, EDO, CWR&PDA

Tape 1, Start/Stop: 0313 - 1950
Action: Reports from CWCB, SEO, AGO, DOW and CWR&PDA were heard at this
time. This was an informational item; no action taken.

4a-d. Water Project Construction Loan Program - Project Deauthorizations
Tape 1, Start/Stop: 1950 - 2060
Action: All six items were taken together. A motion was made by Janice Sheftel to
accept the staff recommendation that the appropriated amounts for the six
specific projects identified be recommended to the General Assembly for
deauthorization in the annual Construction Fund bill. The motion was
seconded by Ray Werner and approved unanimously (9-0).

5. Water Project Construction Loan Program - Interest Rate Recommendation for 1997
Tape 1, Start/Stop: 2060 - 2349
Action: A motion was made by Ray Werner to accept the staff recommendation that
the Board adopt a standard lending rate of 4.75 percent and the schedule of
30-year lending rates as shown in the staff memo for all loans recommended
to the General Assembly or approved by the Board in 1997, and that the 30-
year lending rate be reduced for each category of loans by one-quarter of one
percent for all loans with maturities of 20 years or less but more than 10
years and by one-half of one percent for all loans with maturities of 10 years
or less. The motion was seconded by Patricia Wells and approved
unanimously (9-0).

6. Water Project Construction Loan Program - Proposed Criteria for Use of Severance
Tax Trust Fund
Tape 1, Start/Stop: 2349 - 3170
Action: A motion was made by David Harrison to accept the staff recommendation
that the Perpetual Base Account general policies be essentially the same as
the Construction Fund in respect to loans, except that if there were a shortage
of available cash there would be a general preference accorded to energy
impacted communities to the extent of these monies. With respect to the
operational account and the grants, the Board shall follow the staff
recommendation to the 50 percent cost share that would not include any
upper monetary limit, and again, in the event of shortfall of any available
grant money or feasibility money, that there be a preference accorded to
impacted communities. The motion was seconded by Alan Hamel and
approved (9-1).

Minutes November 25-26, 1996 CWCB Meeting