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<br />. <br /> <br />. <br /> <br />Agenda Item 12h. <br />November 25, 1996 <br /> <br />3 <br /> <br />The eWCB can also take a collateral interest in tlte income stream derived from tlte sale of <br />excess augmentation credits to tlte Arkansas Ground Water Users Association. <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That the Board finds that delay in the completion of the Phase I rehabilitation <br />of the Excelsior Ditch would cause undue hardship for the water users, qualifying <br />the Excelsior Ditch eompany for a loan from the Small Project Loan Account, and <br /> <br />2. That a Small Project Loan in an amount of $100,000 (not to exceed 75% of <br />actual remaining project costs for Pllase I work) be approved for the Excelsior <br />Irrigating eompany to complete Phase I rehabilitation of the Excelsior Ditch, and <br /> <br />3. That a eonstruction Fund Authorization in an amount of $230,000 (not to exceed <br />75% of actual Phase II project costs) be approved for the Excelsior Irrigating <br />eompany to complete Phase II rehabilitation of the Excelsior Ditch, and <br /> <br />4. That the financing terms for these loans shall be at an annual percentage rate <br />equal to the "Agricultural" rate for a 30 year term (to be set by the eWeB <br />November 25, 1996), and <br /> <br />5. That loan approval shall be contingent upon completion ofthe feasibility study, <br />and upon all standard contracting provisions of the eWeB, as determined by the <br />eWeB Executive Director, and <br /> <br />6. That security for the loan shall be an interest in the water shares owned by the <br />primary share holder, the project itself, and a collateral interest in the stream of <br />income derived by the sale of augmentation credits. <br /> <br />Action Taken bv the eWeB. November 25.1926 <br /> <br />The eWeB approved the Staff Recommendation, with the added requirement that <br />the plan for use of the Excelsior Ditch water, as proposed by this project, be <br />reviewed and approved by the State Engineer's Office. The interest rate for both <br />loans will be 3.75%. <br /> <br />Attachments <br />C:\wp51 \PROJ.NEW\12h.nov <br />