Laserfiche WebLink
City of Lamar <br />September 13, 2013 (Updated September 26, 2013) <br />Page 7 of 8 <br />CWCB Loan Program <br />Agenda Item29a <br />Financial Analysis <br />The City qualifies for the low- income municipal interest rate of 2.25% for a 30 -year term. Table 3 <br />provides a financial summary of the loan request. <br />TABLE 3: LOAN FINANCIAL SUMMARY <br />Total Project Cost <br />$1,970,000 <br />DOLA Grant (50% of the total Project cost) <br />$985,000 <br />WSRA Grant Request (10% of the total Project cost) <br />$200,000 <br />CWCB Loan Amount (40% of total Project cost) <br />$785,000 <br />CWCB Loan Amount (including 1% Service Fee ) <br />$792,850 <br />CWCB Annual Loan Payment <br />$36,629 <br />CWCB Annual Loan Obligation (including reserve account) <br />$40,292 <br />Number of Taps <br />3,500 <br />Monthly Cost of new CWCB debt service per to <br />$1 <br />Creditworthiness: <br />The City's Water Activity Enterprise's debt is summarized in table 4. All existing long -term debt is <br />secured by a pledge of water rate payer revenues. <br />TABLE 4: LONG -TERM DEBT SERVICE <br />Annual <br />Remaining <br />Maturity <br />Lender <br />Project <br />Payment <br />Balance <br />Date <br />Water Revenue Bonds <br />Refund of a 1999 Water <br />$211,562 <br />$1,570,838 <br />2019 <br />Activity Revenue Bond Series <br />Colorado Water Resources and <br />Relocation of chlorine <br />Power Development Authority <br />building & storage tank <br />$389,773 <br />$7,333,907 <br />2031 <br />improvements <br />Bank of America <br />Well field infrastructure <br />$270,000 <br />$3,335,907 <br />2021 <br />rehabilitation <br />