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Town of Gypsum <br />May 12, 2009 (UPDATED May 22, 2009) <br />Page 6 of 6 <br />Agenda Item 17a <br />Staff Recommendation (Board approved Staff Recommendation on May 19, 2009) <br />Staff recommends the Board approve a loan not to exceed $2,689,731 ($2,663,100 for project costs <br />and $26,631 for the 1% Loan Service Fee) to the Town of Gypsum, acting by and through its Water <br />Enterprise, for the LEDE Ditch & Reservoir Upgrade Project from the Construction Fund. The loan <br />terms shall be a High Income Municipal interest rate of 4.5% per annum for 30 years. In the event the <br />Town prefers a shorter term loa.n (20 or 10 years), staff shall review the request and make <br />recommendation to the Director. The Board authorizes the Director to approve the new terms and <br />report the loan revisions to the Board in the Director's Report at the next Board meeting. <br />Security for the loan shall be in compliance with CWCB Financial Policy #5. <br />Loan approval will be conditioned upon CWCB receiving parity with all current debt that is secured <br />by the Town's water activity enterprise revenues. <br />cc: Jeff Schroll, Town Manager <br />Ramsey Kropf, Patrick Miller and Kropf, PC <br />Tom Zancanella, Zancanella & Assoc. <br />Susan Schneider, AGO <br />Attachment: Water Project Loan Program - Project Data Sheet <br />