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<br />e <br /> <br />e <br /> <br />e <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street <br />Denver, Colorado 80203 <br />Phone, (3031 866-3441 <br />FAX, (3031866.4474 <br /> <br />STATE OF COLOMDO <br /> <br />. <br /> <br />Bill Owens <br />Governor <br /> <br />MEMORANDUM <br /> <br />Greg E. Walcher <br />Executive Director, DNR <br /> <br />Peter H. Evans <br />Director, CVVCB <br /> <br />TO: Colorado Water Conservation Board Members <br /> <br />FROM: Mike Serlet, P.E., Chief, Water Supply Planning and Finance Section ft/J <br /> <br />DATE: November 16,1999 <br /> <br />SUBJECT: Agenda Item 16c - November 22-23, 1999, Board Meeting <br />Water Supply Planning and Finance - Special Purpose Accounts <br />Construction Fund Credit Report Account - Proposed <br /> <br />Introduction <br /> <br />The Board has recently adopted a policy regarding the analysis of creditworthiness and <br />financial need of potential CWCB Construction Fund borrower's. A typical method the staff <br />has of making the determination of creditworthiness and financial need is to review the <br />applicant's recent credit report. This memo proposes a special account within the Construction <br />Fund be created to fund the direct costs associated with obtaining credit reports of potential <br />CWCB Construction Fund borrowers. <br /> <br />Backe:round <br /> <br />The Board's recently adopted (September 27, 1999) policy #4 states that, "For all loans <br />from the CWCB Construction Fund and Severance Tax Perpetual Base Account, the Board will <br />require analysis of the project sponsor's creditworthiness and financial need." This policy <br />also states that an integral part of the project feasibility study investigation will include, "where <br />appropriate, a current credit report or other documentation from financial institutions that the <br />project sponsor has done business with. " <br />