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<br />;. <br /> <br />The pond is designed to drain in about 40 hours and the project site will be used for open <br />space and recreational purposes when the pond is empty. The pond will also serve to <br />reduce the volume of pollution from stormwater runoffby providing detention and <br />settling of runoff. The pond design will incorporate National Pollution Discharge <br />Elimination System permit requirements for best management practices. <br /> <br />An NPDES permit will be required from the Colorado Department of Health. The project <br />will not require a Corps of Engineers 404 Permit. <br /> <br />The total cost of the project is estimated at about $2.0 million as shown in Table 2. The <br />net cost of the project to the District will be $1,715,500 since the Town of Frederick will <br />contribute the land component. The District intends to undertake and complete <br />construction in 2001. <br /> <br />Table 2. Regional Detention Pond Cost Summary <br /> <br />Item <br />Construction cost with 20 % contingency <br />Design, surveying and construction engineering <br />Estimated land purchase <br />Total <br /> <br />Estimated Cost <br />$1,491,720 <br />$223,758 <br />$350,000 <br />$2,065,478 <br /> <br />Financial Summary <br /> <br />The District's financial condition appears to be sound as of the end of 1998. Table 3 <br />summarizes so.me key financial indicators based on information in the District's audit <br />reports for the years 1996 to 1998. All of the indicators in Table 4 are in the strong or <br />acceptable categories per the Board's creditworthiness policy with the exception of debt <br />service in 1996 and 1997. In the last few years,. the District has used tap fee revenues to <br />essentially eliminate debt and build up substantial cash reserves. <br /> <br />Table 3. WCTASD Financial Indicators <br /> <br />Item <br />Operating Ratio (1) <br />Debt Service Coverage w/o tap fees (2) <br />Debt per Tap <br />Cash Reserves to Current Expense <br /> <br />1998 <br />0.97 <br />1.24 <br />$43 <br />2.05 <br /> <br />1997 <br />1.04 <br />Inadequate. <br />$63 <br />-1.53 <br /> <br />1996 <br />0.96 <br />Inadequate <br />$301 <br />2.67 <br /> <br />(1) Operating revenue/(operating expense-depreciation) <br />(2) (Revenue-operating expense-depreciation)/debt service <br /> <br />The District's storm water enterprise fund, established in 1999, is the entity that would <br />have primary responsibility for repayment of a project loan. The enterprise currently <br />assesses a service charge of$4.00 per month on each of the 1,185 taps in the District. The <br />enterprise fund will have a cash reserve of about $100,000 by the end of this year. <br /> <br />3 <br />