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� <br />Penrose Water District <br />November 13-15, 2006 <br />Agenda Item 10c <br />� <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 />�I <br />Prior to execution of a State Contract, the District and the Enterprise shall comply with the <br />terms of Section 6 of the Resolution establishing the Enterprise, and separate budgets for <br />the Water Activity Enterprise and the District general fund, and shall provide financial <br />reporting and fund accounting for the Enterprise Activity separate from the District general <br />fund. <br />2. Prior to execution of a State Contract, the District shall enter into an agreement with the <br />Enterprise to provide non-tax based retained earnings necessary to: 1) retire the DOLA and <br />USDA-RD loans; 2) establish the required CWCB loan reserve; and 3) provide for the re- <br />allocation of revenues to the Enterprise following the retirement of the 2003 Revenue Bond in <br />2012. <br />_---�'". <br />3. Prior to execution of a State Contract, evidence shall be provided that a CVVCB loan reserve <br />���• fund has been established within the Enterprise, in the amount of $461,334. <br />4. Prior to execution of a State Contract, the Enterprise shall have entered into an agreement <br />with Beaver Park Water, Inc., allowing the expansion of Brush Hollow Reservoir to <br />accommodate the proposed project. <br />5. The District shall obtain a satisfactory Taxpayer's Bill or Rights (TABOR) attomey opinion letter <br />to the CWCB, stating that there are no TABOR issues and that the agreements are fully <br />enfor�ceable from the Enterprise. <br />(Sfaff Note: This condition pertains to Conditions 1 and 2, as well as the direction of revenue <br />from the vofer-authorized Special Revenue Fund 3.00 mill levy towarnl debt service.) <br />cc: Ron Gasser, District Manager, Penrose Water District <br />Mary Presecan, P.E., Leonard Rice Engineers, Inc. <br />Jason Myer, GMS, Inc., Consulting Engineers <br />Amy Stengel, AGO <br />Attachment <br />Action Taken bv the CWCB on November 13. 2006 <br />The CWCB approved the Staff Recommendation, with the addition of Condition #5 above. <br />� <br />� <br />� � <br />� <br />Page 8 of 8 <br />