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BOARD02561
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Last modified
8/16/2009 3:17:01 PM
Creation date
10/4/2006 7:17:17 AM
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Board Meetings
Board Meeting Date
9/22/2003
Description
Draft Summary Minutes and Record of Decisions - July 28-29 2003
Board Meetings - Doc Type
Memo
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<br />- 7 - <br /> <br />Action: <br /> <br />A motion was made by David Smith with a second by Bob Burr to approve <br />staff recommendation for a CWCB Small Project loan from the Construction <br />fund in amount of $350,000, to the Ogilvy Irrigation and Land Company to <br />rehabilitate the Seeley Lake Reservoir Dam. The recommended term of the <br />loan is 20 years and the recommended interest rate is 2.25% (2.359% Annual <br />Percentage Rate.) Security for the loan will be a pledge of assessment <br />revenues backed by assessment covenant and the project itself (Seeley Lake), <br />in accordance with CWCB Loan Policy #5. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon <br />standard contracting provisions of the CWCB, including the 1 % loan <br />origination fee charged in accordance with CWCB Policy #16. The maximum <br />loan amount may be increased to $353,500 if the borrower elects to finance <br />the 1 % loan service charge. <br /> <br />The motion was approved 8-0. Greg Hoskin was not present in the room. <br />Carolyn McIntosh was not present. <br /> <br />d. Silt Water Conservancy District - System Infrastructure Rehabilitation <br />Tape 3, Track 1 2:00:00 - 2:12:40 <br />Action: A motion was made by David Smith with a second by Greg Hoskin for <br />Staff recommendation of a CWCB Small Project loan from the <br />Construction Fund in an amount of$1,019,700 to the Silt Water <br />Conservancy District acting by and through the Silt Water <br />Conservancy District Water Activity Enterprise for up to 90% of the <br />costs to complete general rehabilitation of system infrastructure. The <br />recommended term ofthe loan is 30 years and the lending rate is 2.5% <br />(2.577% Annual Percentage Rate). Security for the loan will be a <br />pledge assessment revenues backed by assessment covenant, in <br />accordance with CWCB Loan Policy #5 (Collateral). <br /> <br />Staff further recommends that fmal approval of the loan be <br />conditioned upon all standard-contracting provisions of the CWCB, <br />including the 1 % loan origination fee charged in accordance with <br />CWCB Policy #16. The maximum loan amount may be increased to <br />$1,029,897 if the borrower elects to finance the 1% loan service <br />charge. <br /> <br />The motion was approved 9-0. Carolyn McIntosh was not present. <br /> <br />e. Greeley and Loveland Irrigation Company - Boyd Lake Spillway Rehabilitation <br />Item was deleted. <br /> <br />f. Town of New Castle - Diversion Structure and Raw Water Pipeline <br />Tape 3, Track 1 2:12:40 - 2:28:16 <br />Action: A motion was made by Greg Hoskin with a second by Keith Catlin for <br />staff recommendation Staff recommends a CWCB Small Project Loan <br />from the Construction Fund, not to exceed $700,000, to the Town of <br />Flood Protection . Water Project Planning and Finance. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />
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