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<br />.. _ _ ...'i <br /> <br />. <br /> <br />. <br /> <br />Agenda Item 9c <br />November 9, 1993 <br />Page two <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. THAT A CONSTRUCTION FUND LOAN IN AN AMOUNT OF $80,000 BE <br />APPROVED FOR THE ELMWOOD LATERAL DITCH CO., AS THE <br />COMPANY'S COST SHARE OF THE TOTAL PROJECf COST TO <br />REHABILITATE THE ELMWOOD LATERAL DITCH UNDER THE SALINITY <br />PROGRAM, and <br /> <br />2, THAT THE COMPANY SHALL HAVE THE FOLLOWING FINANCING <br />OPTIONS: 4% FOR 30 YEARS, or <br />3% FOR 20 YEARS. <br /> <br />ACTION TAKEN BY THE CWCB BOARD <br /> <br />On November 9, 1993 the ewCB Board took the following action, which was the <br />same as the staff recommendation: <br /> <br />1. Approved A CONSTRUCTION FUND LOAN IN AN AMOUNT OF $80,000 <br />FOR THE ELMWOOD LATERAL DITCH CO., AS THE COMPANY'S COST <br />SHARE OF THE TOTAL PROJECf COST TO REHABILITATE THE <br />ELMWOOD LATERAL DITCH UNDER THE SALINITY PROGRAM, and <br /> <br />2, Allowed THE COMPANY THE FOLLOWING FINANCING OPTIONS: 4% <br />FOR 30 YEARS, or 3% FOR 20 YEARS. <br /> <br />Note: In conversation with Joe Newman on 11/10/93, Joe requested: <br /> <br />1. Financing terms of 3% for 20 years, and <br /> <br />2. A letter of commitment from the ewCB indicating the loan has received initial <br />approval. <br />