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Construction Fund loan not exceed $7.5 million in total or approximately 88 percent of the <br /> requested loan amount. The recommended loan structure is shown in Table 3. <br /> Table 3. Recommended Loan Structure <br /> Loan Lending 30-Yr Est.Annual <br /> Year Amount Rate CRF Payment <br /> 1996 $3,125,000 5.75% 0.07073 $221,031 <br /> 1997 $4,375,000 5.25% 0.06693 $292,819 <br /> Totals 1 $7,500,000 5.46% NA $513,850 <br /> RECOMMENDATION <br /> Staff recommends: (1) that the Board grant final approval of the applicants' 1996 Construction <br /> Fund loan request for $3,125,000 at a lending rate of 5.75 percent for a term of 30 years, and (2) <br /> that the Board recommend to the General Assembly a Construction Fund loan in 1997 for an <br /> additional $4,375,000 for the Eagle Park Reservoir Project at the 1997 municipal high income and <br /> commercial lending rate of 5.25% and that the term of the loan would be for 30 years. <br /> Staff further recommends the following conditions: <br /> 1. The loan applicants will withdraw their opposition and will consent to the decree negotiated in <br /> Division 5, Case No. 92CW286. <br /> 2. The applicants and the staff of the Colorado Water Conservation Board will reach a mutually <br /> acceptable agreement concerning the applicants' water rights exchange application in Division 5, <br /> Case No. 95CW348. <br /> 3. The reclamation of the Eagle Park Reservoir site will be certified as acceptable by the Colorado <br /> Division of Minerals and Geology and water from Eagle Park Reservoir will meet all applicable <br /> water quality, health, safety, and environmental standards at the point of delivery of such water <br /> into the East Fork of the Eagle River. <br /> 4. That the applicants will have in their possession and will maintain ownership of sufficient water <br /> rights to provide a firm yield of no less than 1,500 acre-feet. <br /> 5. The loan will be secured by all shares of stock in the Eagle Park Reservoir Company with the <br /> exception of those shares representing the first 500 acre-feet of firm yield owned by Vail <br /> Associates. -- <br /> i <br /> 6. The staff of the Colorado Water Conservation Board will have the opportunity to review and <br /> comment on the purchase agreement between the Eagle Park Reservoir Company and Cyprus <br /> Climax Metals Company prior to the time that agreement is consummated. <br /> 7. The loan will be subject to all standard contracting requirements of the CWCB. <br /> 5 <br />