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<br />.' <br /> <br />. <br /> <br />. <br /> <br />~' '.-Y'- -' ~ <br /> <br />'} <br /> <br />Agenda Item 17p. <br />November 24. 1997 <br />Page 3 <br /> <br />4. That loan approval shall be contingent completion of the Feasibility Study, and upon all <br />standard contracting provisions of the CWCB, as determined by the CWCB Director, <br />and <br /> <br />5. That collateral for the loan shall be a security interest in the stream of income derived by <br />the Company from assessments, and other c:ollateral to be determined. <br /> <br />Action Taken bv the CWCB November 25. 1997: <br /> <br />The CWCB approved a loan amount of $500,000 to complete projects 2., 4., and 5. listed on <br />page 1 of this memo. The interest rate for the loan will be a weighted average of the 4% <br />Agricultural rate for 72% of the shares, and the Standard Municipal rate of 5% for the <br />remaining 28% of the shares. (Fort Collins had a median household. income between 80% <br />and 110% of the 1990 State MIll, qualifying the municipal portioti of. the shares for the <br />Standard Municipal loan rate.) The weighted average loan rate is 4.28%. <br /> <br />The CWCB also specified that the loan rate can be revised in the future, if additional shares <br />of water are converted to municipal use. <br /> <br />The CWCB approved a grant in amount of $1000, and specified that the CWCB Director <br />approve other collateral for the loan. <br /> <br />A"-"'" <br />D:\msword\NorthPoudre97 .memo <br /> <br />~ <br />