BOARD02560

• Board Meeting Date: 1/22/2003
• Description: Draft Summary Minutes and Record of Decisions - November 25-26, 2002
• Board Meetings - Doc Type: Memo

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the Company be allowed to use this loan to refmance project costs of work
already completed and paid for with short term bridge financing. Staff further
recommends that final approvlll of the loan be conditioned upon all other
standard contracting provisio1).s ofthe CWCB. Approved 10-0.

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20i. Water Supply Planning and Finance - Poudre Tech Metropolitan District - Dual Water
System
Tape 3, Track 2, 0- 27:30

Action:

A motion was made by Eric Wilkinson with a second by Carolyn McIntosh
for staff recommendation of II loan in the maximum amount of$2,180,000 to
the Poudre Tech Metropolitan District. The loan is for up to 75% of the costs
of a project to construct a dual water system for outside irrigation. The
recommended loan terms are 30 years at 4.75% or 20 years at 4.5% at the
borrower's option. As security for the loan, the CWCB will receive collateral
in accordance with CWCB L9an Policy #5 as follows: security shall be such
that the Poudre Tech Metropolitan District will pledge tax revenues backed by
rate covenant and the developer, Trollco, Inc. will pledge water rights valued
at least equal to the loan amount The loan will be funded from the
Construction Fund. Staff recommends that the District be allowed to use this
loan to refinance project costs of work already completed and paid for with
short term bridge financing. Staff further recommends that final approval of
the loan be conditioned upon all other standard contracting provisions of the
CWCB. Approved 7-0. Harold Miskel, Bob Burr and Greg Walcher were not
present.

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20j. Water Supply Planning and Finance - Stiultz Farm, Inc. - Hill Lake Rehabilitation
Tape 3, Track 1, 27:30 - 48:00
Action: A motion was made by Eric Wilkinson with a second by Carolyn McIntosh
for staff recommendation ofa loan from the Small Project Account not to
exceed $400,000 to the Shultz Fann, Inc. to cover up to 90% of the costs to
rehabilitate and enlarge the Hill Lake. The recommended term of the loan is
30 years and the recommended lending rate is 2.75%. Security for the loan
will be collateral in accordance with CWCB Loan Policy #5 which shall be
152 acres of irrigated fannland located in SE Y. of Section 16, T5N, R67W.
The loan will be funded frorrt the Construction Fund. Staff further
recommends that final apprQval of the loan be conditioned upon all other
standard contracting provisi~n of the CWCB. Approved 6-1 with Don
Schwindt voting no. Greg Walcher, Bob Burr and Harold Miskel were not
present.

20k. Agenda item deleted.

201. Water Supply Planning and Finance - New Loans - Town of Paonia - Ark Land
Property Water Rights Purchase
Tape 3, Track 1 48:00 - end
Tape 4, Track 1 0 - 6:05
Action: A motion was made by Greg Walcher with a second by Greg Hoskin to leave .
the $600,000 authorization in place on the books to express to the Town of
Flood Protection. Water Project Pla.nnmg and Finance. Stream and Lake Protection
Water Supply Protectio~. Conservation Planning