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<br />'D<" <br />" <br /> <br />// <br />,~' <br /> <br />Agenda Item 9f <br />November 9, 1993 <br />Page two <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. TI-IAT A CONSTRUCTION FUND LOAN IN MAXIMUM AMOUNT OF <br />$553,000 ( 4%, 30 YEARS) BE APPROVED FOR THE CITY OF SALIDA, FOR <br />THE REHABILITATION OF THE RAW WATER PIPELINE AND <br />COLLECTION SYSTEM FOR THE MUNICIPAL POOL, and <br /> <br />2. TI-IA T THIS LOAN APPROVAL MAY BE REVISED BY THE eWCB <br />BOARD, SUBJECf TO THE REVIEW BY THE COLORADO WATER <br />RESOURCES AND POWER DEVELOPMENT AUTHORITY, OR BY THE <br />RESULTS OF THE CITY'S BOND ELECTION WHICH IS ALSO DESIGNED <br />TO FINANCE THIS PROJECT. <br /> <br />ACTION TAKEN BY THE CWCB BOARD <br /> <br />On November 9, 1993 the ewCB Board took the following action: <br /> <br />1. Approved A CONSTRUCTION FUND LOAN IN MAXIMUM AMOUNT OF <br />$553,000 ( 4%, 30 YEARS ) to fund a maximum of 75% of actual construction <br />related costs FOR THE CITY OF SALIDA, FOR THE REHABILITATION OF <br />THE RAW WATER PIPELINE AND COLLECTION SYSTEM FOR THE <br />MUNICIPAL POOL, and <br /> <br />2. Required THAT THIS LOAN APPROVAL MAY BE REVISED BY THE <br />eWCB BOARD, SUBJECT TO THE REVIEW BY THE COLORADO WATER <br />RESOURCES AND POWER DEVELOPMENT AUTHORITY, OR BY THE <br />RESULTS OF THE CITY'S BOND ELECTION WHICH IS ALSO DESIGNED <br />TO FINANCE THIS PROJECT. In summary, the ewCB Board required that the <br />City first pursue bond financing through the Colorado Water Resources and Power <br />Development Authority, or through an independent bonding effort before being <br />granted all or part of the loan approved in Item 1. above. <br /> <br />C: \ wp51 \ 9f119 ,ewe <br />