BOARD00193

• Board Meeting Date: 5/11/1998
• Description: CF Section - Changes in Existing Loans - Chatfield South Water District
• Board Meetings - Doc Type: Memo

~pr-20-9a 01:S9P Holmes & Narver - Denver 303 799 6069

Chatfield South W~r District

Fln.need Costs:

The 1Ola! start up costs for the Chatfield South Watr:r District
10 fmancc an: expected 10 be as follows:

Fees 10 form District
Watr:r Purchase
Phase I Watr:r System
T 0laI:

S 15,000
S 400,000
$ 741.000
(Now) $ 1,156,000

Phase II

(In year 2003) $ 251,000

.-----.......------.....-----------------------------...-----..-.--

Loans:

Drinking Wall:r Revolving Fund requires a $3,642.50 closing cost
The yearly debt service is $ 57,446, two payments per year.
The inll:rest rail: is 4.5%. $ 728,500

Colorado Wall:r Conservation Board requires 25% down,
but the Douglas County water reserve may count IOward this requirement
The yearly debt service is $ 31,420 one payment per year.
The inll:rest rail: is 4.75%
Tola! Money from Loans:

$ 400.000
$ 1,128.soo

Tow Annual Debt Service from the Loans: $ 88,866

------------------------------...-----------------

For 1999. Douglas COWlty'S appraised value of all the properties in the district
is $ 1,953,686. The minimum mill rate needs 10 be: 45.5 mills 10 pay this off
with no excess.

We should charge 55 mills at the slart.
The district will have $ 107,452 revenue. So a yearly excess of S 18,587 from taxes!
By the year 2008, we could have 65% of Phase II constrUction cost saved.

--------------------------------

F31imated dollar requirement for Chatfield South Water District 10 come up with will be,
Expenditures 10 start: $ 1,156,000
Total Loans 10 the District - $ 1.128.500
Stan up Capiw required: $ 1:7 .soo

If we charge as 600.00 lap fee, from 90 initial taps, we will get:

from the SO founding members:
from the SO regular taps:

(SO x $50)
(SO x $600)

$ 2,500
$ 30.000
S 32,500

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