Colorado Water Resources & Power Development Authority Jan 2003

• Year: 2003
• Title: Board of Directors Meeting
• Author: Colorado Water Resoures & Power Development Authority
• Description: Board of Director Meeting Jan 24, 2003
• Publications - Doc Type: Other

Board Meeting Minutes
December 6, 2002
Page 2 of 7
not necessarily predict a budget overrun for any line item. An additional payment of $165,886 had been •
made to the Bureau of Reclamation for the Animas -La Plata Project on November 6d'. A motion was then
made to accept the Treasurer's report.
Motion By: Steve Harris
2°d By: Sara Duncan
Vote: Motion Carried
Mr. Carlstrom then reported that in the rush to conclude the Board meeting in October, the audit
engagement letter for KPMG had been overlooked. He further reported that the engagement letter had
been forwarded to the Board with a favorable recommendation from the Budget and Audit Committee. A
motion was made to approve the recommendations of the Budget and Audit Committee and to ratify the
Executive Director's action in approving the 2.002 KPMG Audit Engagement Letter.
Motion By: Bob Carlstrom
2nd By: Dick Pryor
Vote: Motion Carried
Executive Director: Mr. Law introduced Jamie Grisinger, Teri Saloga and Sabrina Speed as new
employees of the Authority. The Executive Director's written report is on file. Mr. Law also reported
that the annual letter to the Governor stating that the Authority would not request an appropriation from
the state had been sent. Mr. Sharp then announced Mr. Law's election as President of CIFA and extended
his congratulations to Mr. Law.
Legal Counsel: Mary Hammond did not have a formal report.
Drinking Water Revolving Fund •
Dick Parachini of WQCD introduced Gary VanDerSlice of Enecotech to present an update on the second
phase of the.Contaminate Inventory and Source Water Assessment and Protection set -aside (see handout).
Bob Carlstrom expressed the Board's appreciation for the presentation. It is anticipated that Enecotech
and Analytical Solutions will prepare a joint presentation on the Susceptibility Analysis phase for the
January Board meeting.
Jim Griffiths introduced Dave Keen and Lloyd Levy of BBC Research & Consulting. BBC reviewed the
MBE/WBE availability report (see . handout). BBC reported a combined MBE/WBE availability of
approximately 8 -15 %. Current goals are 3% MBE and 5% WBE. (WQCD will follow a six -step process
in an effort to meet EPA goals.) Mr. Griffiths was asked to present actual utilization figures at the
January Board meeting. Mr. Law extended the Board's thanks for the report and efficiency of the study.
Dan Law then introduced Pat Mulhern, of MRE, Inc., representing the Inverness Water and Sanitation
District and the Cottonwood Water and Sanitation District. Mr. Mulhern made a presentation on the
South Metro Water Study and possible methods of recharging the groundwater supply during wet years to
provide additional reserves for drought years (see handout). Mr. Sharp thanked Mr. Mulhern for his time
and efforts.
Loan Applications — Fountain Valley Authority
Jim Griffiths presented the request from the Fountain Valley Authority for an interim loan in the amount
of $3,200,000, to be refinanced with a leveraged loan from the DWRF 2003 Series A bond issue.
Methods of debt service ratio calculation on subordinate debt and the question of a potential tax issue
were discussed. A motion was made to authorize staff to begin negotiating an interim loan in the amount
of $3,200,000 at an interest rate of 4% for a term of 2 years, with the condition that if the loan is not •
refinanced within that time, the interest rate will become the then current prime rate plus 4 %.