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<br />-7 - <br /> <br />24. FY 05-06 Severance Tax Recommendations <br />Tape 1 Track 5 1:43:56 - 2:00:00 <br />Action: A motion was made by Eric Wilkinson with a second by Don Schwindt to approve <br />staff recommendation. No formal action is needed for parts A and B. For part C the <br />Board approved the staff ranking for each project and directed staff to allocate <br />funding based on the amount of Severance Tax available with the CWCB's five- <br />percent share. Exact funding amount will not be available until the Executive Branch <br />and the General Assembly act on proposals to divert a portion of Severance Tax to <br />the General Fund, place a cap on contribution into the Operational Account, or keep <br />agency funding static for other budgetary reasons. <br /> <br />Motion was approved 7-0. Russell George was not present. <br /> <br />25. Water Supply Planning and Finance - Construction Fund and Severance Tax Trust <br />Fund Perpetual Base Account New Loans <br />Tape 1 Track 5 2:00:00 - 2:23:00 <br />a. Trollco, Inc. - Reservoir Construction and Dual Water System <br />Action: Information item. No formal action taken. <br /> <br />Tape 1 Track 5 3:22:00 - 3:35:20 <br />b. Fulton Irrigation Ditch Company - Diversion Structure Rehabilitation <br />Action: A motion was made by Bob Burr with a second by David Smith to approve a CWCB <br />Small Project loan from the Severance Tax Trust Fund Perpetual Base Account in an <br />amount up to $171,700 ($170,000 for project costs and $1,700 for the one-percent <br />loan origination fee, in accordance wit Policy No. 16) to the Fulton Irrigation Ditch <br />Company. The loan is for up to 85% of the cost to rehabilitate the Company's <br />diversion structure and to repay project costs already incurred. The recommended <br />term of the loan is 20 years at 2.8% (2.9096% Annual Percentage Rate). Security for <br />the loan will be a pledge of assessment revenues backed by assessment covenant and <br />the project itself to assure repayment of the loan, in accordance with CWCB loan <br />Policy #5. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon standard <br />contracting provisions of the CWCB. <br /> <br />Motion was approved 7-0. Russell George was not present. <br /> <br />Tape 1 Track 5 2:23:00 - 2:28:30 <br />c. North Poudre Irrigation Company - Reservoir # 1 (Miner's Lake) Rehabilitation <br />Action: A motion was made by Eric Wilkinson with a second by Greg Hoskin to approve a <br />loan not to exceed $614,080 ($608,000 for project costs and $6,080 for the one- <br />percent Loan Service Fee in accordance with CWCB Loan Policy #16), to the North <br />Poudre Irrigation Company from the Severance Tax Trust Fund Perpetual Base <br />Account, to rehabilitate Reservoir # 1 (Miner's Lake) dam and to remove silt to <br />reclaim the decreed reservoir capacity. The recommended terms of the loan are 20 <br />years at 3.25% per annum. Security for the loan will be a pledge of assessment <br />revenues backed by assessment covenant and the project itself. <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />