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Board approves one-year payment deferment for Red Wash loan to support new pipeline cost share
Summary
The board agreed in briefing to recommend a one-year deferment of scheduled payments on the Red Wash Dam loan so Moseby Irrigation can direct the payment toward cost share for a pipeline project; payments will be shifted and resume in 2026 under the same repayment schedule.
Tom (staff) briefed the board on a Moseby Irrigation request tied to the Red Wash Dam loan. The board previously committed funds for Red Wash (0% interest, 59-year schedule originally). Moseby asked to defer the 2025 payment of roughly $92,500 so that those dollars may be used as the company’s cost share for a new pipeline project. Staff said the board’s approach is to reschedule payments by shifting the payment schedule forward one year (payments resume in 2026) rather than extending the term of the loan; the repayment schedule and overall term remain intact. Board members asked whether the payments would be added to the end of the term or simply delayed; staff confirmed payments are shifted, not extended.
Because this was a briefing item, staff will prepare formal committal language and supporting documentation to implement the deferral when the board takes action. The request is intended to streamline the process so Moseby can apply funds to the new pipeline without undergoing a full new-application process.
