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Town of Keenesburg <br />March 21-22, 2006 <br />Agenda Item 1-7c <br />annum. Security for the loan will be a pledge of water revenues from its water enterprise fund <br />(Waterworks Operating Fund), backed by a rate covenant and annual financial reporting. <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB, with the following additional conditions: <br />1. Prior to disbursement of State loan funds, the Town shall have executed a water rights <br />purchase contract, in accordance with the Letter of Intent with PV Water & Sanitation <br />Metropolitan District dated February 21, 2006. <br />2. In the event that State grant funds for the project are obtained through the Department of Local <br />Affairs, said grant funds shall be used to reduce the principal amount of the CWCB loan. <br />cc: Mark Gray, Mayor, Town of Keenesburg <br />Jim Wright, P.E., JB Wright & Associates, Inc. <br />Amy Stengel, AGO <br />Attachment <br />Action Taken b the CWCB on March 21 2006 <br />The CWCB approved the Staff Recommendation. <br />Page 6 of 6 <br />