Laserfiche WebLink
Project Summary <br /> SECTION 1 -BORROWER INFORMATION <br /> Name: City of Cortez, Home Rule Municipality acting by and <br /> through its City of Cortez Water Enterprise <br /> Type of Entity: Water Activity Enterprise <br /> Address: 210 East Main Street, Cortez, Colorado 81321 <br /> Contact: Shane Hale, City Manager <br /> Phone Number: 970-564-4004 <br /> E-mail address: shale @cityofcortez.com <br /> SECTION 2—PROJECT DESCRIPTION <br /> A. Description of PROJECT: The BORROWER applied to the CWCB for a loan to be used to <br /> replace the City's manually read water meters with electronic automated meters. The total <br /> estimated project cost is $1,200,000. <br /> B. Description of Feasibility Study: The CWCB has reviewed a feasibility study report dated <br /> November 2014 on the PROJECT, titled "Feasibility of the Water Meter Replacement <br /> Project for the City of Cortez,"which was prepared by Shane Hale, City Manager. <br /> Technical support was prepared by Ken Torres, P.E., City of Cortez and is incorporated <br /> herein by this reference. Based upon the feasibility report, the CWCB determined the <br /> PROJECT to be technically and financially feasible. <br /> SECTION 3—CWCB's AUTHORITY <br /> Construction Fund: This loan is made pursuant to the provisions of §§ 37-60-119 and <br /> 37-60-120, C.R.S., which authorize the CWCB to loan money for water projects from the <br /> CWCB Construction Fund for the benefit of the people of the state, provided that the <br /> BORROWER assures repayment of that money. <br /> Section 37-60-122(1)(b), C.R.S., authorizes the CWCB to make loans of up to $10,000,000 <br /> from the CWCB's Construction Fund without prior approval from the General Assembly. <br /> SECTION 4-BOARD APPROVAL <br /> At its January 27, 2015 meeting the CWCB approved a Small Project Loan, from the Construction <br /> Fund to the BORROWER, in an amount up to $850,000 for PROJECT costs. CWCB's loan origination <br /> fee of 1%, in accordance with CWCB Policy No. 16, of $8,500 added to the LOAN CONTRACT <br /> resulting in a total loan amount of $858,500, at an interest rate of 2.10% per annum for a <br /> repayment term of 10 years. <br /> SECTION 5—SCHEDULE OF EXISTING DEBT <br /> As of the date of the CWCB loan approval, the BORROWER has outstanding the following <br /> obligations payable from the PLEDGED REVENUES of the Enterprise, which obligations constitute <br /> PARITY OBLIGATIONS under the LOAN CONTRACT and require a Parity Certificate. <br /> Appendix 1 <br /> Page 1 of 4 <br />