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Project Cost <br />Cost per Acre Foot <br />Project Revenue <br />CWCB Loan Amount <br />Water Supply Reserve <br />DOLA - Energy Impact <br />River District Design Grant <br />River District Const <br />Town <br />Total <br />$ 2,175,533 <br />363 $ 5,993 <br />$ <br />700,000 <br />$ <br />600,000 <br />$ <br />500,000 <br />$ <br />19,600 <br />$ <br />100,000 <br />$ 246,533 <br />$ <br />2,175,533 <br />Number of Water User 600 <br />Annual Debt Service $ 35,500 <br />Cost of Debt per User $ 4.93 <br />Reserve Acct - Can be funded w /in the Water fund <br />Credit Worthiness <br />The Town has been operating as a municipality for over 100 years and has never defaulted on <br />any financial obligation. There are currently four outstanding loans in the Water Enterprise <br />Fund: <br />Annual Maturity <br />Current Loans Remaining Amt Payment Date <br />CWCB - Water Plant $ 53,143 $ 7,571 2020 <br />DOLA - Water Plant $ 9,795 2021 <br />CO Water Resource & Power Devt $ 405,000 $ 22,500 2030 <br />Montrose Bank <br />The Town is prepared to increase rates and explore other rate adjustments as needed to meet <br />their payment obligations for all their loans including a potential future loan from the CWCB for <br />the Lake Otonowanda Renovations and Expansion for which this report is being prepared. <br />Alternative Financing Considerations <br />The project to expand and renovate the lake is very expensive, roughly twice the annual <br />revenue of the water enterprise fund. The Town is seeking financial assistance from several <br />entities because of the large cost. After researching the various funding options the Town is <br />pursuing a targeted combination of practical and reasonable opportunities for financial <br />assistance. <br />