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<br />exceed 75% of the total project costs. As collateral for the loan, the Consolidated Mutual Water <br />Company will pledge revenues from services charges and stock sales, Company's shares in the <br />Agricultural Ditch, and Company property, equal to or greater then the total loan amount. <br /> <br />Staff further recommends that the following conditions be met prior to entering into a <br />contract for the additional loan 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 pledges 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 of all liens and enclUllberances. <br /> <br />3. The CWCB Construction Fund loan shall have parity status with any existing debt or <br />the Company with respect to a pledge of revenues. <br /> <br />4. The loan 'increase shall be contingent upon all standard contracting provisions of the <br />Colorado Water Conservation Board. <br /> <br />Action Taken bv the Colorado Water Conservation Board Julv 23. 2001 <br />The Colorado Water Conservation Board approved the staff recommendation. <br />