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PROJC00835
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Last modified
11/19/2009 11:44:10 AM
Creation date
10/6/2006 12:14:29 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150010
Contractor Name
Columbine Ranches Property Owners Association
Contract Type
Loan
Water District
0
County
Adams
Bill Number
SB 99-173
Loan Projects - Doc Type
Approval Letter
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<br />I . <br /> <br />Agenda Item 16b. <br />May 12, 1998 <br /> <br />(Updated June 19, 1998) <br /> <br />Page 3 <br /> <br />2. That a loan from the Small Project Account of the Construction Fund, in a ma;;:irnum <br />amount of $100,000, be approved for the Columbine Ranches Property Owners <br />Association to rehabilitate their existing irrigation well and to purchase water rights to <br />augment that well, and <br /> <br />3. That the financing terms for this Small Project loan shall be an annual percentage rate <br />of 4.5% for a duration of 10 years, and <br /> <br />4. That loan approval shall be contingent upon completion of the Feasibility Study, and <br />upon all standard contracting provisions of the CWCB, and <br /> <br />5. That collateral for the loan shall be a security interest in the stream of income derived <br />by the Columbine Ranches Property Owners Association from assessments and the <br />water rights acquired. <br /> <br />Action taken bv the CWCB Mav 12. 1998: <br /> <br />The CWCB denied the loan request. The Board did not agree that delay in the purchase of <br />augmentation water by the Columbine Ranches Property Owners Association (CRPOA) <br />constituted a hardship. A finding of hardship (staff recommendation #1) is required as a <br />condition for granting a loan from the Small Project Loan Account. <br /> <br />The CWCB invited the CRPOA to apply for a Standard Construction Fund Loan, with <br />funds available June 1999. <br /> <br />Attachments <br />D:\msword\ColumbineP0A598memo <br />
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