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<br />, <br />, <br /> <br />Staff recommends that the Board approve an increase of$301,500 from the 2003 Construction Fund <br />The additional $301,500 increment of funding would be for 30-years at a lending rate of 4.0%. The total <br />funding level for this project will be $2,658,500. <br /> <br />Staff further recommends that the following conditions be met prior to entering into a contract for <br />the additional loan increment of funding: <br /> <br />1. The Board of Directors of the Windsor Reservoir and Canal Company will adopt, and the <br />Company's shareholders will approve an increase in assessments to provide adequate debt <br />service coverage for the new loan and for all existing loans. <br /> <br />2. The Board of Directors and the Shareholders of the Windsor Reservoir and Canal Company <br />will adopt a resolution or resolutions approving the loan, the pledge of revenues and the <br />conveyance of a security interest in the three reservoirs. <br /> <br />3. The authorization will not commit the Colorado Water Conservation Board to provide any <br />additional funding for the Company's system rehabilitation program. <br /> <br />Action Taken Bv the Colorado Water Conservation Board on Mav 20. 2003 <br />Board approved staffrecommendations. <br /> <br />Flood Protection. Water Project Plaruting ~d Financing. Stream and Lake Protection <br />Water Supply Protection. Conservation Planning <br />