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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Agenda Item 14a. <br />May 12, 1997 (Updated May 13, 1997) <br /> <br />3 <br /> <br />4. That loan approval shall be contiI1gent upon completion of the feasibility study, <br />and upon all standard contracting provisions of the CWCB, as determined by the <br />CWCB Director, and <br /> <br />5. That security for the loan shall be a collatenil interest in the stream of income <br />derived from shareholder assessments, and one payment in a certificate of deposit <br />account, to be held by the State Trellsurer, <br /> <br />Action Taken bv the CWCB. Mav 12.1997 <br /> <br />The CWCB approved the Staff Recommendation, with the provision that the loan <br />contract contain a clause that allows the CWCB to adjust the interest rate to the <br />municipal rate, if some or all of the property in the service area is later subdivided <br />for residential housing. The municipal rate applied would be the rate in affect at <br />the time the property is converted to residential. This new rate would affect only <br />the portion of the water converted to municipal use. <br /> <br />AllachmenlS <br />C:\wp51 \PROJ.NEw\ 14a91.may <br />