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<br />. <br /> <br />. <br /> <br />. <br /> <br />-7 - <br /> <br />of obtaining the CWCB loan. The loan will be funded from the Construction <br />Fund. Staff also recommends that the Borrower be allowed to use this loan to <br />refinance project costs already paid for with short term bridge financing. Staff <br />further recommends that final approval of the loan be conditioned upon all <br />other standard contracting provisions of the CWCB. Approved 9-0. Harold <br />Miskel was not present. <br /> <br />20C. <br /> <br />Water Supply Planning and Finance Section - Little Thompson Water District _ <br />Proposed Dry Creek Reservoir <br />Tape3,Track1, 3:01:00-3:28:00 <br />Action: A motion was made by Carolyn McIntosh with a second by Eric Wilkinson <br />for staff recommendation of a CWCB loan to the Little Thompson Water <br />District, from the Severance Tax Trust Fund - Perpetual Base Account, not to <br />exceed $3,937,500 to construct the proposed Dry Creek Reservoir in 50/50 <br />partnership with the Central Weld County Water District. The recommended <br />term of the loan is 20 years and the recommended lending rate is 4.05% per <br />annum. Security for the loan will be a pledge of water rate revenues backed <br />by a rate covenant and annual financial reporting. Staff further recommends <br />that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. Approved lO-O. <br /> <br />20g. Water Supply Planning and Finance Section - Central Weld County Water District- <br />Proposed Dry Creek Reservoir <br />Tape 3, Track 1, 3:0l:00- 3:28:00 <br />Action: A motion was made by Carolyn McIntosh with a second by Eric Wilkinson <br />for staff recommendation of a CWCB loan to the Central Weld County Water <br />District (CWCWD), from the Severance Tax Trust Fund - Perpetual Base <br />Account, not to exceed $3,937,500 to construct the proposed Dry Creek <br />Reservoir in 50/50 partnership with the Little Thompson Water District. The <br />recommended term of the loan is 20 years and the recommended lending rate <br />is 4.15% per year. Security for the loan will be a pledge of water rate <br />revenues backed by a rate covenant and annual financial reporting. Staff <br />further recommends that final approval of the loan be conditioned upon all <br />other standard contracting provision of the CWCB. As a condition ofloan <br />approval, Central Weld County Water District is required to submit to CWCB, <br />for acceptance and approval, a water conservation plan fulfilling the <br />requirements of Sec. 37-60-126CRS. Approved 10-0. <br /> <br />20h. Water Supply Planning and Finance Section - Kern Reservoir and Ditch Company- <br />Kern Reservoir Rehabilitation <br />Tape 3, Track l, 3:28:00 - 3:38:00 <br />Action: A motion was made by Bob Burr with a second by Eric Wilkinson for staff <br />recommendations of a follow-up loan not to exceed $3,620,000 to the Kern <br />Reservoir and Ditch Company to cover up to 75% of the costs to rehabilitate <br />the Kern Reservoir. The recommended loan terms are 30 years at 5.l % or 20 <br />years at 4.8% at the borrower's option. Security for the loan will be a pledge <br />of assessment revenues backed by assessment covenant and the proj ect itself. <br />The loan will be funded from the Construction Fund. Staff recommends that <br />Flood Protection. Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />