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<br />I' <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Agenda Item lOb. (Updated March 21, 1997) <br />March 20, 1997 <br /> <br />3 <br /> <br />3. That the financing tenns shall be at an annual percentage rate corresponding to <br />the "Agricultural" rate of 3.75% for a 30 year loan, as set by the CWCB November <br />25, 1996, and <br /> <br />4. That loan approval shall be contingent upon completion of the feasibility study, <br />and upon all standard contracting provisions of the CWCB, as determined by the <br />CWCB Director, and <br /> <br />5. That security for the loan shall be a collateral interest in the stream of income <br />derived from shareholder assessments, and one payment in a certificate of deposit <br />account, to be held by the State Treasurer. <br /> <br />Action Taken bv the CWCB. March 20.1997 <br /> <br />The CWCB approved the Staff Recommendation. <br /> <br />Attachments <br />C:\wp51 \PROI.NEw\ lOb.mar <br />