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<br />revenues. Previous detailed analyses and studies have demonstrated the need for the project. <br />(,::,:: Alternatives to addressing the problem have been investigated over the past 20 years; however, the <br />proposed project has been accepted as the best alternative by the consulting engineers, the federal <br />and the affected local governments, and the general public. Prior to the endorsement of <br />"Alternative Number No.5" as the selected project alternative, the City and County staff in <br />cooperation with their engineer conducted seven public hearings and workshops to gather input in <br />the selection process. In addition, the Board's staffhas been an active partner in the formulation of <br />the proposed project and can fully support the selected plan. <br /> <br />The proposed project will provide flood protection to over 1,400 properties in the vicinity of <br />Sterling, Colorado. <br /> <br />The City's ability to repay the CWCB loan is based on an existing funding mechanism and requires <br />no additional action. <br /> <br />RECOMMENDATION <br />The staff recommends an increase in the City of Sterling's authorization an amount of $700,000 for <br />a total Construction Fund loan of $1,250,000 be approved for the purpose of constructing the <br />proposed floodplain project. Staff recommends a 20-year term for the loan and the Municipal Low <br />Income lending rate for 1999 as may be approved by the Board at the November 1998 Board <br />Meeting. The Municipal Low-Income rate is based on MHI of$20,189. <br /> <br />It is further recommended. as a condition of the loan that the City provide an opinion from its <br />attorney on its ability to incur debt without holding a TABOR election and ~amends its project <br />feasibility study in accordance to the CWCB Construction Fund Guidelines. . <br /> <br />5 <br />