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t. ...., . .. Page Two Minutes t606 November lO, 1993 forklift/loader, rather than a backhoe. Motion to approve the bills for payment including $l28,373.l4 in computer checks and checks written prior to Board meeting totaling $ll,249.77, made by James Burkhalter, second by Jacque Stafford and carried. CWCB CONTRACT Counsel reported the receipt of the contract from the Colorado Water Conservation Board in the amount of $400,000 for reconstruction of the Colorado River Pump Station. It is a standard contract, much the same as prior contracts the District has with CWCB. They are requiring a Deed of Trust on the pump station property to secure the loan. Counsel also reported that he had drawn up a Resolution for the Board to adopt which states that the District is obtaining the loan from CWCB. Also, there is a finding in the resolution that the annual revenue and income is sufficient to pay the amounts due when those amounts come due ($26:, OOO/year for 30 years.) It goes on to authorize the President an~ Secretary to execute the contract on behalf of the District and ,authorizes employees to take any action necessary to perform the obligations under the contract. Lastly, if the amounts of revenue and income of the District are not sufficient to pay the amounts due, CWCH has required a statement to the effect that the District will increase fees and charges to pay the amounts due. He asked for a motion to adopt the resolution if the Board deems it appropriate. Motion to adopt Resolution Mogensen, second by James Burkhalter. No. UW-93-03 made (Copy attached.) by Harold Mr. Jaynes asked if there was a provision for early repayment. Counsel explained that there is no such provision, however, he assumes that, if the District wished to pay the loan early CWCB would allow it. The Manager pointed out that the contract does not indicate that we cannot pay the loan off early. Following discussion, the Chairman called for a vote on the motion, which carried. PROPOSED LAND PURCHASE ADJACENT TO OFFICE PROPERTY The Manager reported an offer to sell property located at the back of the office property for $l7,275 (60~/sq. ft.) This encompasses 4 lots. He indicated that the District does not need the space, at this time. He requested direction from the Board. The consensus was to not purchase the land offered.