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<br />indicators fall in the strong category with the exception of debt per tap, which is in the <br />average category. <br /> <br />. <br /> <br />Table 3. Town of Monument Water Enterprise Fund <br />Financial Indicators for Future Years <br /> <br />Indicator Weak Average Strong Ratio <br />pperating Ratio ( I) <100 % 100-120 % >120% 166 % <br />Debt Service Coverage Ratio (2) <100% 100-125% >125% 184 % <br />,-,ash Reserves to Current Expense <50% 50-100% > 1 00% 275 % <br />Debt per Tap >$5,000 $2,500-$5,000 <$2,500 $3,625 <br /> <br />(1) Operating revenue/( operating expense-depreciation) <br />(2) (Revenue-operating expense-depreciation)/debt service <br /> <br />Of the $3,081,000 project cost, EI Paso County will provide at least $1.0 million under <br />the terms of the IGA between the Town and the County, as described above. The Town is <br />requesting a loan of$2,081,000 from the Severance Tax Trust Fund Perpetual Base <br />Account for its share of the project costs. <br /> <br />Impacts and Permittin~ <br /> <br />Corps of Engineers 404 Permits and Section 7 Consultation with the US Fish and <br />Wildlife Service will be required. The Corps approved a nationwide permit in November <br />2000 for Phase 1 work on the spillway. . <br /> <br />. Discussion <br /> <br />Based on information provided by the Town and on the feaSibility study submitted by <br />Boyle Engineering, staff believes that the project is financially and technically feasible. <br />Monument Lake is an important recreational resource for the Monument Lake area and <br />northern El Paso County. The willingness of both the Town and the County to participate <br />in the costs of the rehabilitation work demonstrates strong local support for the project. <br /> <br />The Town has attempted to obtain Great Outdoors Colorado funding for the project <br />without success. Funding is not presently available from the Colorado Water Resources <br />and Power Development Authority (see the attached letter from Mike BroQ of the <br />Authority). A CWCB loan is the only practical method for the Town to finance its portion <br />of the project costs. <br /> <br />Based on a median household income of $30,294, theTown would qualify for the <br />Board's 2001 Municipal Middle-Income lending rate of5.50 percent for a 30-year loan. <br /> <br />Recommendation <br /> <br />e- <br /> <br />Staff recommends a loan of up . to $2,081,000 from the Severance Tax Trust Fund <br />Perpetual Base Account to the Town of Monument, acting by and through its water <br />enterprise fund, for the rehabilitation of Monument Lake Dam as described in this memo. <br /> <br />4 <br />