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<br />The loan would be for a term of 30 years at the Municipal Middle Income lending rate of <br />5.50 percent. As security for the loan, the Town's water enterprise fund will pledge water <br />. system revenues backed by a rate covenant and annual financial reporting. <br /> <br />Staff further recommends the following conditions for loan approval: <br /> <br />1. The design of the project is approved by the Colorado Division of Water Resources; <br /> <br />2. All required permits are obtained; and <br /> <br />3. The Town board and the board of the water enterprise fund adopt resolutions <br />approving the loan and the pledge of revenues. <br /> <br />Attachments <br /> <br />Cc: Rick Sonnenberg, Town of Monument <br />Mike Shoback, Town of Monument <br />Betty Konarski, MLPC <br />Ed Toms, Boyle Engineering <br />Linda Bassi, AGO <br /> <br />. <br /> <br /> <br />. <br /> <br /> <br /> <br />5 <br />