Laserfiche WebLink
SIMMONS &'WHEELER, P.C. Certified Public Accountants <br /> 8005 South Chester Street,Suite 150,Centennial,CO 80112 (303)689-0833,Fax(303)689-0834 <br /> September 12, 2014 <br /> Inverness Water and Sanitation District <br /> Arapahoe and Douglas Counties, Colorado <br /> Colorado Water Conservation Board <br /> Denver, Colorado <br /> Butler Snow LLP <br /> Denver, Colorado <br /> We have reviewed certain provisions of Loan Contracts C150409A, C 150409B, C150409C and <br /> C150409D (the "2014 Loans") adopted and to be approved on October 1, 2014, between the <br /> Department of Natural Resources, Colorado Water Conservation Board ("CWCB") and <br /> Inverness Water and Sanitation District(the "District"). <br /> We have reviewed the District's outstanding General Obligation Refunding Bonds, Series 2012 <br /> as to voted water improvement authorization used and annual repayment of principal and interest <br /> through maturity. <br /> To summarize, on November 1, 2005 a majority of the qualified electors of the District who <br /> voted in the election authorized the issuance of general obligation indebtedness in an amount not <br /> to exceed $20,000,000 for the extension and improvement of the existing potable and non- <br /> potable water supply, storage transmission and distribution system of the District. The election <br /> further limited the annual repayment cost for such debt to be no more than $3,300,000 and the <br /> total repayment costs to not be more than $99,000,000. <br /> The District issued its General Obligation Bonds, Series 2006B in the amount of$10,000,000 on <br /> June 2, 2006 of which $6,000,000 was used for water improvements and the balance of <br /> $4,000,000 was allocated for sewer improvements. <br /> On October 21, 2008 the outstanding Series 2006B Bonds in the amount of$7,710,000 were <br /> current refunded by the General Obligation Refunding and Improvement Bonds Series 2008 in <br /> the amount of$10,000,000. $790,000 of voted authorization was used for water improvements <br /> and $2,290,000 for sewer improvements. <br /> On April 3, 2012 the District current refunded the $10,000,000 of Series 2008 Bonds with <br /> General Obligation Refunding Bonds, Series 2012 in the amount of$10,000,000. <br />