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<br />~ <br /> <br />1 <br />1 <br />1 <br />1 <br />1 <br />I <br />1 <br />1 <br />I <br />1 <br />I <br />1 <br />1 <br />I <br />I <br />1 <br />I <br />I <br />I <br /> <br />Agenda Item 18c. <br />November 7, 1995 <br /> <br />2 <br /> <br />The water rights purchase would be to supply current water needs for the Town, and is not <br />speculative, <br /> <br />The Colorado Water Resources and Power Development Authority is NOT a potential source <br />of fInancing, since the funds would be used for the purchase of water rights. <br /> <br />The Town of Georgetown had a Median Household Income that falls between 80% and 110% <br />of the Statewide MHI for 1990, A loan to tbe Town would thus be at the "Standard Income" <br />rate for a municipality, as set by the CWCB November 6, 1995. <br /> <br />The Town is planning to buy approximately 35 AF at a cost of about $7000 per AF, based on <br />the current market for water in the upper Clear Creek Basin, (This would represent about 1.5 <br />shares of Farmer's Highline, although other sources are being considered,) <br /> <br />COLLATERAL <br /> <br />The Town of Georgetown has a separate water enterprise which receives revenues from its water <br />customers, The CWCB could take a collateral interest in this stream of revenues, <br /> <br />The Town's Water Enterprise also has water rights assets which could be pledged as additional <br />collateral. <br /> <br />STAFF RECOMMENDATION <br /> <br />This is an item for discussion, to determine: <br /> <br />1. Whether the CWCB will consider offering a loan just for the purchase of water rights <br />(when no construction project is involved), and <br /> <br />2, Any additional conditions the CWCB wishes to require on a loan of this type, <br /> <br />(Staff and the applicant will use input from the CWCB to complete the application and the <br />feasibility study, and, if appropriate, schedule the loan for approval at the January 1996 Board <br />meeting,) <br /> <br />Discussion bv tbe CWCB. November 7. 1995 <br /> <br />1. The CWCR was generally receptive to offering a loan just for the purchase of <br />water rights for municipal purposes (when no construction project is involved), but <br />only under certain conditions. The CWCR directed that revisions to the Guidelines <br />