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. . . Agenda Item 17a. July 13-14, 1998 Page 3 The District delivers water to agricultural and municipal users in southwestern Colorado. All the towns and cities within the service area had a median household income of less than 80% of the 1990 statewide average. The loan term for feasibility studies is typically 10 years, with the provision that the study loan may be incorporated into the construction loan for repayment. For these reasons, staff is recommending a 3.5% per armum loan, for a duration of 10 years. (This is equivalent to the "low Income" municipal rate, and to the "Agricultural" rate for a 10-year loan, as approved by the CWCB in November 1997.) Recommendation The staff recommends: . I/DTh~_~~d revi e Gui~elines for Financial Assistanee'yyp '8/ onservatlOn Board Construe i paragraph 1 ;_32~, ., first ol'2 elete " ' , ." ,,' '_/- -- , (\l ':/ater pre}eet.." Replace ~it?: "Thea~ a B loan for a fe;SiliilitystudxJor ~....O water project I~erally lImIted to 7~ of the total cost 0 dy." . ':j.,UV 2. That a feasibility ~fh?ai?t7o"mik Construction Fund, in a maximum $ 2,500 not to exceed~ of the total cost of the feasibility study, be approved for the Do ter Conservancy District to investigate development of additional water supplies, and 3. That the financing terms for this feasibility study loan shall be an armual percentage rate of 3.5 % for a duration of 10 years, and 4. That the feasibility study loan may be incorporated into the construction loan for repayment, and ,the-Colorado Water sentence, as follows: 5. That the loan be contingent on staff review and acceptance of the final Scope of Work for the feasibility study, and 6. That loan approval shall be contingent upon all standard contracting provisions of the CWCB, and 7. That collateral for the loan shall be a security interest in the stream of income derived by the Dolores Water Conservancy District and other collateral as approved by the CWCB Director. Attachments: (Map, Resolution, Letter Requesting Grant, Scope of Work) D:\msword\DWCDFS798memo .