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<br />e <br /> <br />e <br /> <br />e <br /> <br />Pinewood Springs Water District <br />July 20-21,2004 <br /> <br />Agenda Item 14e <br /> <br />(1) Reflects $123,017 to purchase water in 2001 and $59,174 in 2002. <br />(2) Does not include property tax increase of $59 per tap. <br /> <br />Security for the loan will be a pledge of general revenues received from taxes, as authorized by the <br />PSWD's November 4, 2003 election, and any other funds legally available. The CWCB will require <br />parity for this lien with any existing debt and the new DWRF loan. This is in compliance with CWCB <br />Loan Policy #5 (Collateral). <br /> <br />In accordance with CWCB Loan Policy #8 (Purchase of Water Rights), a written appraisal or <br />opinion of value from a qualified water rights appraiser supporting the purchase price, must be <br />submitted, prior to disbursal of CWCB loan funds for water rights. <br /> <br />Recommendation <br /> <br />Staff recommends a loan not to exceed $2,054,188 ($2,033,850 for project costs and $20,338) for <br />the 1 % Loan Service Fee in accordance with CWCB Loan Policy #16), to the Pinewood Springs <br />Water District from the Severance Tax Trust Fund Perpetual Base Account, to construct a new <br />storage reservoir, pump station and raw water pipeline, raw water infiltration gallery modifications, and <br />to purchase additional water rights. The recommended terms of the loan are 30 years at 4.00% per <br />annum. Security for the loan will be a pledge of general revenues received from taxes, as authorized <br />by the PSWD's November 4, 2003 election, and any other funds legally available. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. Further, staff recommends the following approval condition: <br /> <br />1. The proceeds from the sale of any water rights purchased with this loan approval shall be used <br />to reduce the outstanding balance of PSWD's loan with the CWCB. <br /> <br />2. The loan for the water rights portion of the project is contingent on the ability of the District to <br />acquire the water rights, along with the successful completion of applicable procedures for <br />joining the Northern Colorado Water Conservancy District. <br /> <br />cc: Mr. Mark Upton, Vice President, Pinewood Springs Water District <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />Action Taken bv the CWCB on Julv 21. 2004 <br /> <br />The CWCB approved the Staff Recommendation, with the addition of Condition #2 shown in italics <br />above. <br /> <br />Page 6 of 7 <br />