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<br />, <br /> <br />.. <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />25, 1999 annual stockholders meeting the share assessments will be set at $27.50 per <br />share. This assessment will be verified by Woods Lake representatives at the January 27, <br />1999 CWCB Board Meeting. <br /> <br />Contract loan provisions have been established at the interest rate of 3.75% for <br />agricultural loans. The sarne interest rate of 3.75% for 30 years would be used for the <br />revised loan. The original loan was set at 75% of the total project cost, however Woods <br />Lake new request of 83% is within the CWCB 90% guidelines for agricultural loans. The <br />Company has also doubled their assessments to cover the increased cost of the project. <br />The value of the project collateral, the strearn of revenue from shareholder assessments <br />and a CD valued at one annual payment will be increased accordingly to cover the <br />additional project costs. <br /> <br />Representative~ from both Woods Lake and Smith Geotechnical, Inc., the project <br />design consultant, will be available at the Board Meeting to answer questions and provide <br />additional project design and construction details. <br /> <br />STAFF RECOMMENDATIONS <br /> <br />Staff reconunends that the Board approve a loan increase to the Woods Lake <br />Mutual Water and Irrigation Company original 1997 loan in the arnount of $270,000 for a <br />total loan arnount of $458,000 under the following conditions: <br /> <br />1. Terms of the additional loan arnount would be at the original 1997 <br />agricultural interest rates, or 3.75% for 30 years. <br />2. The loan is for up to 83% of the total project cost. <br />3. The lmm increase shall be contingent upon all standard contracting <br />provisions of the CWCB. <br />