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. . Agenda Item 12e. November 25, 1996 2 e The Association has filed for and been granted a conditional water right on the Florida River, in amount of 0.5 CFS, as a water source for this project. There are approximately 30 landowners in the service area for the Pinon Mesa Ranches Water association. 18 owners have supported the Association with up front payment of a $200 subscription fee, and there are currently 6 houses within the service area. The PMRCA is located in La Plata, near Ignacio. Ignacio had a 1990 Median Household Incomes (MHI) of less than 80% of the 1990 state wide median. The loan rate should be at the "Low Income" rate for a municipality, to be Set by the CWCB on November 25,1996. The approximate annual payment for the CWCB loan will be $8600. This represents about $24 per month for each of the 30 land owners witliin the service area. COLLATERAL The CWCB can take a collateral interest in. the stream of revenue from water sales to e Association members, as well as an interest in the water rights of the Association. The PMRCA can also provide one payment to be held by the State Treasurer. STAFF RECOMMENDATION The staff recommends: 1. That a construction fund loan in an amount of $150,000 (not to exceed 75% of the total project costs) be approved for the Pinon Mesa Ranches Community Association, to construct a diversion structure, raw water pipeline, and raw water storage pond for a rural domestic water system, and 2. That the iIDancing terms shall be at an annual percentage rate equal to the "Low Income" rate for a Municipality, as set by the Board November 25, 1996, for a duration of 30 years, and 3. That loan approval shall be contingent upon completion of the feasibility study, and upon all standard contracting provisions of the CWCB, as determined by the CWCB Executive Director, and e