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<br />. <br /> <br />Agenda Item 29s. <br />November 4, 1994 <br /> <br />(Note: The Median Household Income (MHI) in the Town of Elizabeth is 95 % of the Statewide <br />average, according to the 1990 census.. Therefore the Staff revised its interest rate <br />recommendation to 5.0%, which was the 1994 recommended "Standard Rate" for municipalities <br />with MHI in the range of 80% to 110% of the Statewide MHI from the 1990 census.) <br /> <br />ACTION TAKEN BY THE CWCB NOVEMBER 4. 1994: <br /> <br />1. Approved a construction fund loan authorization in an amount of $437,250 (not <br />to exceed 75% of the total project cost) for the Town of Elizabeth, to construct a <br />new. well, and <br /> <br />2. Required that the loan be contingent upon completion of the feasibility <br />study, and a fmding that the selected alternative is feasible, and <br /> <br />3. Appr~ved fmancing terms of an annual percentage rate of 5.0% and for <br />a duration of 30 years, and <br /> <br />4. Required that loan approval be contingent upon staff evaluation of the <br />Town's fmanciaI condition and ability to pay, and upon all standard <br />contracting provisions of the CWCB, and <br /> <br />, <br /> <br />5. Required that the loan be contingent upon the Town being UNABLE to <br />obtain fmaIJcing through the Colorado Water Resources and Power <br />Development Authority, and <br /> <br />6. Allowed that the loan may be used to REFINANCE project costs incurred <br />prior to contracting with the State, if so approved by the Director of the <br />Colorado Water Conservation Board. <br /> <br />C:\wp51 \john\29s .IlOV <br />