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<br />Recommendation <br /> <br />Staff recommends that the Board recommend to the General Assembly an additional <br />increment of funding of $770,000 from the Perpetual Base Acco~t of the Severance Tax <br />. Trust Fund for the storm water detention pond project of the Weld County Tri-Area <br />Sanitation District. The loan would be for a term of 30 years at the Municipal Middle <br />Income lending rate of 5.00 percent. Total CWCB lending for this project will amount to <br />no more than $1,500,000. As security for the loan, the District's Stormwater Enterprise <br />Fund will offer a pledge of revenues backed by a rate covenant and annual financial <br />reporting. <br /> <br />Staff further recommends that: <br /> <br />1. The District must be able to obtain commitments for all other funding needed to <br />implement the project prior to entering into a loan contract with the CWCB. <br /> <br />2. The boards of directors of the Weld County Tri-Area Sanitation District and the <br />District's Stormwater Enterprise Fund will adopt resolutions approving the loan <br />and the pledge of revenues. <br /> <br />3. Any loan resulting from this authorization shall have parity status with any <br />existing debt of the Stormwater Enterprise Fund with respect to a pledge of <br />revenues. <br /> <br />- Attachments <br /> <br />Cc: Anthony Onorato, President, WCTASD <br />Rick Patterson, Mayor, Town of Firestone <br />Edward Tagliente, Mayor, Town of Frederick <br />Dan Law, Water & Power <br />Don Sandoval, DOLA <br />Don Silar, Sear-Brown <br />Linda Bassi, AGO <br /> <br />3 <br />