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<br />" <br /> <br />, <br /> <br />.. <br /> <br />" <br />, <br /> <br />- <br /> <br />Agenda Item 29b <br />November 4, 1994 <br /> <br />3 <br /> <br />ACTION TAKEN BY THE CWCB NOVEMBER 4. 1994: <br /> <br />The CWCB approved the staff recommendation, with two revisions. The Board approved <br />an interest rate of 4.0%, because the Hay-Bretherton Ditch provides water primarily for <br />agricultural purposes, and required that the loan be paid off if the property is sold, since <br />the loan is to private individuals. The approval was as follows: <br /> <br />1. Approved a construction fund loan in an amount of $20,000 for Billy Howard <br />and Brenda Howard, to allow these individuals to REFINANCE their costs <br />associated with the rehabilitation of the Hay-Bretherton Ditch, and <br /> <br />2. Approved fmancing terms of 4.0% annual percentage rate, for a duration of 20 <br />years, and <br /> <br />3. Specified that the loan may be used to REFINANCE project costs incurred prior <br />to contracting with the State, only if approved by the Director of the Colorado <br />Water Conservation Board, and <br /> <br />. . <br /> <br />. <br /> <br />4. Required that loan approval shall be contingent upon staff evaluation of the <br />Borrower's financial condition and ability to pay, and upon all standard contracting <br />provisions of the CWCB, and. <br /> <br />5. Required that the loan must be paid off when the Borrowers sell the property on <br />which the water is being used. <br /> <br />Attachments <br />C:\wp51\john\29b.nov <br />