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<br />Delta Canal Company <br />May 20.21. 2002 <br /> <br />Agenda Item 12a. <br />(Updated May 23, 2002) <br /> <br />Recommendation <br /> <br />Staff recommends a ewes Small Project Loan in maximum amount of $75,000 to the Delta <br />Canal Company for rehabilitation of the Delta Canal. The recommended term of the loan is 30 <br />years at 2.75% or 20 years at 2.5% at the borrower's option. The security for the loan will be a <br />pledge of assessment revenues backed by assessment covenant and the project itself. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the cwes, and that any excess cost share funds from the Natural <br />Resources Conservation Service be applied to reduce the CWCB loan amount after <br />construction is complete. <br /> <br />Action taken bv the CWCS Mav 20, 2002 <br />The CWeB approved the Staff Recommendation. <br /> <br />cc: Tawna Putney, Delta Canal Company, 477 1600 Road, Delta, CO 81416 <br />Wes Boyce, NRCS Delta, 690 Industrial Boulevard, Delta, CO 81416 <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:IWP51IProj-NewIDeltaCanaI502memo; <br /> <br />L:\boardmemlJan01IAgenda Item 12a May 02 Delta Canal <br /> <br />4 <br /> <br />