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<br />-12 - <br /> <br />with the repayment provision~ of its contracts with the Board. Approved 9-0. <br />Bob Burr was not present. <br /> <br />. <br /> <br />24b. Water Supply Planning and Finance - Changes to Existing Loans. Cedar Mesa Ditch <br />and Reservoir Company, Cedar Mesa Dam Rehabilitation Project <br />Tape 4, Track 3 . 30:00 - 35:00 <br />Action: A motion was made by David Smith with a second by Carolyn McIntosh for <br />staff recommendation that tM Board approve an increase of $50,000 from the <br />Construction Fund for Cedar Mesa Reservoir Project for the Cedar Mesa <br />Ditch and Reservoir Company. The additional $50,000 increment of funding <br />would be for 30-years at a lending rate of2.75%. The total funding level of <br />this project would amount of$150,000 or 76% of the total project costs. As <br />collateral for the loan, the Cedar Mesa Ditch and Reservoir Company pledges <br />assessment revenues backed py an assessment covenant and the project itself. <br />Staff further recommends that the following conditions be met prior to <br />entering into a contract for t~e additional loan increment of funding: <br />1. That the Cedar Mesa Ditch and Reservoir Company increase their <br />annual assessments from $25 per share to $40 per share starting in <br />2003. <br />2. Any collateral pledged for the loan shall be free of all liens and <br />encumbrances. <br />3. The CWCB Construqtion Fund Loan shall have parity status with any <br />existing debt or the Company with respect to a pledge of revenues. <br />4. The loan increase sh!i1l be contingent upon all standard contracting <br />provisions of the CWCB. . <br /> <br />Motion approved 8-0. Greg Walcher and Bob Burr were not present. <br /> <br />25a. Special Purpose Funds - Flood Response Fund - Replacement of Funds <br />Tape 4, Track 3 . 35:00 - 42:00 <br />Action: A motion was made by Ray Wright with a second by Eric Wilkinson for staff <br />recommendation that the Board request the General Assembly to authorize <br />$135,000 from the Construction Fund to be appropriated to the Flood <br />Response Fund for expenditures by the CWCB. Approved 8.0. Greg <br />Walcher and Bob Burr were not present. <br /> <br />25b. Water Supply Planning and Finance - Special Purpose Accounts - Small Project <br />Feasibility Study Grant Fund - Replacement of Funds <br />Tape 4, Track 3 . 42:00 - 47:00 <br />Action: A motion was made by RayiWright with a second by Eric Wilkinson for staff <br />recommendation that the Board recommend to the General Assembly that the <br />balance in the Feasibility StUdy Small Grant Fund be restored to $200,000 by <br />transferring the required amount into the Fund from the CWCB Construction <br />Fund's unreserved cash. Approved 8-0. Greg Walcher and Bob Burr were <br />not present. <br /> <br />25c. Water Supply Planning and Finance - Special Purpose Accounts - Emergency <br /> <br />Infrastructure Loan Fund - Replacement of Funds <br /> <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br /> <br />. <br />