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<br />e <br /> <br />tit <br /> <br />e <br /> <br />. <br /> <br />. <br /> <br />Company. The additional $6,300,000 increment of funding would be for ten years at a lending <br />rate of 5.0 percent. Total Construction Fund lending for the project would amount to <br />$16,3000,000, not to exceed 75 percent oftotal project costs. As collateral for the loan, the <br />Consolidated Mutual Water Company will pledge revenues from service charges and stock sales <br />as well as the Company's shares in the Agricultural Ditch. <br /> <br />Staff further recommends the following conditions be met prior to entering into a contract for the <br />additional increment of funding: <br /> <br />1. The board of directors of the Consolidated Mutual Water Company will adopt a <br />resolution or resolutions approving the loan, the pledge of revenues and the <br />conveyance of a security interest in the proposed collateral. <br /> <br />2. Any collateral pledged for the loan shall be free ofliens and encumbrances. <br /> <br />3. The CWCB Construction Fund loan shall have parity status with any existing debt of <br />the Company with respect to a pledge ofrevenues. <br /> <br />Attachments <br /> <br />Cc: <br /> <br />Wally Welton, Cons. Mutual <br />John Boyle, Cons. Mutual <br />Linda Bassi, AGO <br />Doug Jeavons, BBC <br /> <br />5 <br />