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County which live in the Dry Creek basin. In other words, the stormwater utility fees for properties in the Dry Creek basin are more than adequate to repay the principal and interest for the loan. The City of Fort Collins and Larimer County have an intergovernmental agreement (IGA) for the financial aspects of this project. The IGA will be attached in an Appendix in the Dry Creek Feasibility Study. Q23: In the second paragraph on page 23, how was the 4.50 percent lending rate arrived at? On what median household income is it based? CWCB staff can provide the recommended lending rate structure for 2001 to be approved by the Board in November 2000. How do the amounts of debt service allocated to the City and the County in this paragraph relate to the 47% / 53? Cost allocation? R23: The 1990 Census information gives information based on Tract Area. The Dry Creek Basin is compromised of two tracts, Tract 13.02 and Tract 13.03. The portion of the Dry Creek Watershed which will be responsib Ie for the payment of utility fees and a benefit of the improvements is approximately Tract 13.03. While not exact, the division line between the two tracts is approximately the same as our division of the Local Basin and the Middle Basin. The median household income for Tract 13.03, which is the same as the Local Basin, was $16,181 based on the 1990 Census. The 4.5 percent lending rate was established because the Median Household Income (MHI) for Dry Creek Watershed is $16,181 based on the 1990 Census. The MHI for the Dry Creek Watershed is below 80 percent of the MHI for the State of Colorado of $30,000. Q24: A better explanation is needed for the proposed financial program. R24: See response to Question 22. Q25: In Table 3, the figures in the columns Net Cash Flow and Fund Balance don't seem to balance with the rest of the spreadsheet. How are the figures in the column Other Capital Proj ects used in the calculations? How was the number for New Taps per Year arrived at? The numbers in the column Reserve Account Payment don't appear to be adequate to add up to one annual loan payment at the end often years. Footnote 1 is incomplete. R25: The confusion over the calculation of Net Cash Flow and Fund Balance may be from the calculation of interest from the Fund Balance and Reserve Account Balance. The assumption is 7 percent interest on these accounts. The "Other Capital Projects" column is small drainage projects that need to be constructed to improve drainage in the Local Basin. The purpose of the Dry Creek Stormwater Utility is to first repay the CWCB loan for the major flood control project, then use remaining revenue to complete other drainage master plan improvements within the Local Basin. The statutory authorization for utilities for Colorado counties provides that the County may covenant, or promise with legal effect that the principal and interest on the loan will be paid first. The reserve account payment and balance has been changed to reflect one annual loan Page 60f7