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<br />. <br /> <br />. <br /> <br />, ..... . -, '. <br /> <br />~. <br /> <br />Agenda Item 17p. <br />November 24, 1997 <br />Page 2 <br /> <br />DISCUSSION <br /> <br />The primary purpose of the project loan is to construct spillways, and to complete other <br />rehabilitation work, on 3 of the Company's Reservoirs, in accordance with State Engineer <br />requirements. The secondary purpose of the loan is to install pipelines in two ditches that are <br />eroding badly, threatening adjacent farm land and county roadways. <br /> <br />These projects will assure that 11 ,973 acre feet of water can continue to be stored by the <br />Company <br /> <br />The Company provides water for irrigation. A loan to the Company should thus be at the <br />"Agricultural" rate, as set by the CWCB on November 24, 1997. <br /> <br />Three of the projects, and 65 % of the project cost, involve the rehabilitation of existing dams. <br />The Company has requested a grant from the Small Dam Site Reconnaissance fund to help pay <br />for the feasibility study. The total cost estimate for the study is $6000, and a grant of $2000 <br />would cover half the Company's cost relating to dam rehabilitation. <br /> <br />COLLATERAL <br /> <br />The North Poudre Irrigation Company receives assessments from its stockholders. The CWCB <br />will take a security interest in this stream of revenues. <br /> <br />The Company can also provide a certificate of deposit in amount of one annual payment, and a <br />security interest in the project itSelf. <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That a Construction Fund Authorization in an amount of S':!59,1lOO $935,000 not to <br />exceed 75% of actual project costs be recommended for the North Poudre Irrigation <br />Company to rehabilitate reservoirs and ditches within their irrigation system, and <br /> <br />2. That the fmancing terms for this Construction Fund Authorization shall be at an annual <br />percentage rate equal to the "Agricultural" rate (as set by the CWCB November 24 <br />1997), for a duration of 30 years, and <br /> <br />3. That a grant from the Small Dam site Reconnaissance Fund, in a maximum amount of <br />$2000, not to exceed 50% of the total study cost, be approved for the North Poudre <br />Irrigation Company, to help pay for the cost of the Feasibility Study, and <br />