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<br />. <br /> <br />. <br /> <br />Agenda Item 8b. (Updated February 7, 1997) <br />January 29, 1997 <br /> <br />3 <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That a construction fund loan in an amount of $150,000 (not to exceed 75% of <br />the total project costs) be approved {or the Pinon Mesa Ranches Community <br />Association to construct a Raw Water System, and <br /> <br />2. That the imancing terms shall be at an annual percentage rate of 3.75% for a <br />duration of 30 years (equal to the "Low Income" rate for a Municipality, as set by <br />the Board November 25, 1996), and <br /> <br />3. That loan approval shall be contingetlt upon completion of the feasibility study, <br />and upon all standard contracting provfsions of the CWCB, as determined by the <br />CWCB Director, and <br /> <br />4. That collateral for the loan shall be all interest in the stream of revenue form the <br />sale of water to the Association members, a certificate of-deposit account in the <br />amount of one annual payment to be held by the state Treasurer, and the project <br />itseIf.--' <br /> <br />REVISED STAFF RECOMMENDATION for JallUarv 29.1997 <br /> <br />The staff recommends: <br /> <br />1. That the maximum loan amount be revised to $206,000 (75% of the updated cost <br />estimate of $274,250 from the feasibility study just completed). <br /> <br />Action Taken by the CWCB. January 29.1997 <br /> <br />The CWCB approved the Staff Recounuendation with the revised loan amount of <br />$206,000, and required that the loan contract between the CWCB and PMRCA <br />specify that the project is a raw water system (ie. not a potable water syStem). <br /> <br />Aaachments <br />C:\wp51 \PROJ.NEW\8b-+97 .Jan <br /> <br />cc: Charles A. Palmer, President PMRCA. 300 Angus Rd CR 310. Ignacio CO 81137 <br />