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<br />I <br /> <br />I <br /> <br />In FY 1998. the eWeB recommended that the amount to be loaned to three previously <br />authorized projects be increased by a total of approximately S 1.05 million from the Construction <br />Fund as indicated in the follO\I,'ing table. <br /> <br />I <br />I <br />I <br /> <br />TABLE 7 <br />Increases in Pre,'iously Authorized Loans from the Construction Fund <br />Recommended by the C\\"CB in FY 1998 <br /> <br />I <br />I <br />I <br /> <br /> Prior Prior Re\'hed <br />Borrower-l'rojt'~t J\uthoriQ' Amount rne~ase Amount <br />City of Greeley- S887-15 $";12,500 5375,000 5787,500 <br />Twin lakes R~s. Dam Rehabilitation <br />Town of P3!tgde - HB9S-IIS5 S-50.MO S 17:.000 5922,000 <br />COllonwood Cr. Pipeline Replacement- <br />Purgatoire Rwcr Waler Cons. District- S897-008 $500.000 $500.000 51,000,000 <br />Trinidad Project Refmance* <br />TOlals S 1,662.500 S 1.04 7 ,000 52,709,500 <br /> <br />*Loan 10 refinance,] waler project wholly or pamally completed. <br /> <br />I <br />I <br />I <br />I <br />I <br /> <br />Loans from the CWCB Construction Fund or the Severance Tax Trust Fund Perpetual Base <br />Account are plus or minus such amounts, if any, as may be justified by reason of ordinary <br />fluctuations in construction costs as indicated by the engineering cost indices applicable to the types <br />of construction required for each project, or as may be justified by reason of changes in the plans for <br />a project due to differing or unforseen site conditions, errors or omissions in the plans and <br />specifications, changes instituted by regulatory agencies, or changes in material quantities beyond <br />contract limits, <br /> <br />At its November 1997 Board meeting, the Board adopted a policy that "the Board llnd the staff <br />of:!.', eweB will attempt /0 maintain an o\'erall. long.tenn rateo/rerun! of no less than ./.0 percent <br />on the aggregate amount of all loans and grants made lhrough the Conslruction Fund in order to <br />offset the long-nm impacts of price inflation and to maintain the integrity of the Fund." A <br />procedure was developed based on detailed rate-of-return calculations with the full repayment <br />schedule for each loan and certain simplifying assumptions to provide an estimate of the overall rate <br />ofre/urn without unnecessarily complicating the analysis. The analyses of loans and grants included <br />in HB 98-1189 indicated an overall rate of return of approximately .lI3-percent for Construction <br />Fund loans only and 2.n-percent for loans and grants. <br /> <br />C\\'CB FY9S Annual Report. page 15 <br />