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<br />Town of Keenesburg <br />March 21-22, 2006 <br /> <br />Agenda Item 17c <br /> <br />annum. Security for the loan will be a pledge of water revenues from its water enterprise fund . <br />(Waterworks Operating Fund), backed by a rate covenant and annual financial reporting. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCS, with the following additional conditions: <br /> <br />1. Prior to disbursement of State loan funds, the Town shall have executed a water rights <br />purchase contract, in accordance with the Letter of Intent with PV Water & Sanitation <br />Metropolitan District dated February 21, 2006. <br /> <br />2. In the event that State grant funds for the project are obtained through the Department of Local <br />Affairs, said grant funds shall be used to reduce the principal amount of the CWCS loan. <br /> <br />cc: Mark Gray, Mayor, Town of Keenesburg <br />Jim Wright, P.E., JB Wright & Associates, Inc. <br />Amy Stengel, AGO <br /> <br />Attachment <br /> <br />. <br /> <br />. <br /> <br />Page 6 of 6 <br />