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<br />. <br /> <br />. <br /> <br />. <br /> <br />Woodchuck Ditch Co. <br />March 20-21, 2000 <br /> <br />Agenda Item lOa. <br />(Updated March 22, 2000) <br /> <br />Recommendation <br />Staff recommends that the CWCS find that the Woodchuck Ditch Company is eligible for a loan <br />from the Small Project Loan Account because their ditch has been damaged by a landslide and <br />can not be used to deliver water unless repairs are completed in spring 2000, (Delaying the <br />project until summer or fall 2000 will result in undue hardship on the borrower.) <br /> <br />Staff recommends a CWCS Small Project Loan not to exceed $40,000 to the Woodchuck Ditch <br />Company for approximately 27% of the costs to reconstruct a 400-foot portion of the <br />Company's ditch, The recommended term of the loan is 20 years and the recommended <br />lending rate is 3.75% (20-year CWCS rate for agricultural borrowers in 2000.) Security for the <br />loan will be a pledge of assessment revenues backed by assessment covenant, one payment in <br />a certificate of deposit account to be held by the State, and the project itself. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon acceptance of the <br />project and the associated financial obligations by a vote of the shareholders of the Company, <br />completion of the feasibility study by April 30, 2000, and all standard contraCting provisions of <br />the CWCS. <br /> <br />Action taken bv the CWCS March 20. 2000 <br />The CWCS approved the Staff Recommendation. <br /> <br />cc: <br /> <br />Joe Zimmerman, President Woodchuck Ditch Co., 42095 RCR 44, Steamboat Springs CO 80487 <br />John Fetcher, Upper Yampa WCD, 1175 Steamboat Blvd., Steamboat Springs CO B048B-0339 <br />Linda Bassi, AGO <br /> <br />Attachment <br />C:\WP51 \Proj-New\ WoodchuckDitchRepair300memo <br />L:\boardmem\marOO\ 1 Oa-MarOO <br /> <br />4 <br />