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BOARD00668
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Last modified
8/16/2009 2:53:03 PM
Creation date
10/4/2006 6:42:48 AM
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Board Meetings
Board Meeting Date
11/22/1999
Description
CF Section - Special Purpose Accounts Construction Fund Credit Report Account - Proposed
Board Meetings - Doc Type
Memo
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<br />Discussion <br /> <br />e <br /> <br />Sometimes a Construction Fund loan applicant may not provide enough financial <br />background information for the staff to thoroughly evaluate the applicant's debt history. In <br />those instances, it is necessary for staff to request the applicant's credit report from a certified <br />credit reporting service. There currently is no internal way for the CWCB to pay for the costs <br />associated with the acquisition of an applicants credit report, other than using the CWCB's <br />operating budget. Section 37-60-l2l(4)(a), CRS, provides that "The... operating, ....expenses <br />of administering and managing the feasibility studies....associated with projects which are <br />funded using moneys appropriated, allocated, or otherwise credited to the Colorado water <br />conservation board construction fund may be paid from such moneys." <br /> <br />A credit report typically costs between $50-75 to acquire. Assuming 10 credit reports <br />are requested annually, an account established with the nominal appropriation of $5,000 would <br />fund credit reports for several years. <br /> <br />The establishment of this new account creates the spending authority required within <br />the Construction Fund program to acquire potential CWCB Construction Fund borrower's <br />credit reports. <br /> <br />Recommendation <br /> <br />Staff recommends that the Board consider a motion to recommend to the General e <br />Assembly that a Credit Report Account be created within the CWCB Construction Fund with <br />an initial appropriation to the account of $5,000. The purpose of the account will be to <br />provide the CWCB a method of payment for the direct costs associated with obtaining credit <br />reports of CWCB Construction Fund loan applicants in order to determine the applicant's <br />creditworthiness and financial need. <br /> <br />e <br />
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