Colorado Water Resources & Power Development Authority Jan 2003

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Board Meeting Minutes December 6, 2002 Page 4 of 7 Results of 2002 Series B Bond Sale • Mike Brod reported on the sale of 2002 Series B bonds and loans that had been closed on October 30; 2002, covering loan rates to borrowers and basis point savings due to a competitive sale. 2003 Eligibility List - Additions and Deletions Mike Brod presented the list of additions and deletions to the 2003 Eligibility List for the Board's consideration. A motion -was made to adopt the 2003 Eligibility List (and incorporate the additions and deletions into a joint resolution) with the provision that staff can modify the list following further review and discussion with the Water Quality Control Division. Motion By: Sara Duncan 2 °d By: Bob Carlstrom Vote: Motion Carried Status of Projects Mike Brod reported that discussions are continuing with Roxborough Park Metro District for approximately $10 million to connect into the Littleton/Englewood wastewater treatment plant. Littleton /Englewood is also interested in expanding its plant at a cost of approximately $110 million. Chair Tom Sharp turned the meeting over to Vice Chair Ann Nichols at this point. Program Review Committee Chet Pauls made a special presentation requesting the use of set - asides in lieu of any state appropriation to continue to fund their Public Water System Supervision (PWSS) which will run short in 2005. He also requested that the Board waive the state match reimbursement in order to make the set -aside monies available. It had been the consensus of the Program Review Committee that any motion on this issue • should be deferred until the January meeting. Mr. Pauls presented two options for the Board to consider for action at the January meeting. The first option is to grant enough set -aside funds and non - reimbursable, state -match for the PWSS .program to continue through 2006, in anticipation of a state appropriation. The second and preferred option is to reserve all the money in the set -aside grants to fund the programs through 2007 and for the Board to provide all the state match on a non - reimbursable basis for this time frame. Mr. Law also reported that a consultant would be hired to perform a study of individual PWS's to determine which PWS's would need additional assistance to complete the TMF review process. The Program Review Committee had given Mr. Law approval to conduct the study up to a cost of $20,000 without further Board review. Small Water Resources Protects Status of Projects Mr. Brod reported that an interim loan for the City of Rifle had closed on November 10. Mr. Brod also reported that FGIC had negatively responded to the Authority's request for increased insured loan amounts for Category 2 and 3 borrowers. Water Revenue Bonds Status of Projects Mr. Brod discussed continuing efforts with the City of Fountain to obtain a commitment of insurance and also negotiations on the $5 million interim loan that should be closed prior to the end of 2002. Dan Law discussed his correspondence with the City of Aurora and the City's suggestion that the Authority change its statute to become a conduit issuer. Sara Duncan and Ann Nichols offered comments on the City's suggestion. Julie McKenna, legislative liaison for the Authority, also offered her comments on the suggestions. •