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<br />. <br /> <br />maintenance costs, and for payments to reserve funds. For CWCB loans, borrowers <br />are required to accumulate the equivalent of one annual loan payment in a loan <br />reserve fund, over the first 10 years of/oan repayment. (i.e, place in reserve 10% of <br />the annual loan payment for each of the first 10 years of the loan,) An example of a <br />schedule of annual revenues and expenditures is provided herein, and an electronic <br />version and an example of how to use it, are included in the CWCB website at <br />www.cwcb.state.co.us. <br /> <br />4, Loan Repavment Sources - Describe sources of funds for loan repayment, such as <br />assessments, water sales, property taxes and grants, Discuss current water rates/ <br />assessments/fees, Feasibility studies for projects with a hydropower component <br />should include an assessment of the potential market for the hydropower, <br /> <br />5, Financial Impacts - Discuss financial impacts of the project on total debt, water <br />rates, assessments of users, and property taxes, Determine future rates needed to <br />cover CWCB loan obligations and additional operating costs, Discuss savings or <br />new revenues generated, <br /> <br />6, TABOR (Taxpaver's Bill of Rights) Issues - Provide a full discussion of TABOR <br />issues, particularly regarding the ability to incur multi-year debt, and limits on <br />increased tax revenues and spending, An election may be required for public <br />entities not having the status of a qualified enterprise, The provisions of TABOR <br />are complex and may require an attorney and/or accountant opinion. <br /> <br />e <br /> <br />7, Collateral - Discuss specifics of the loan collateral or security being offered by the <br />borrower (in accordance with CWCB Policies) to assure repayment of the CWCB <br />loan, The type of collateral will vary based on the type of organization, and <br />typically may include a pledge of revenues/assessments, project facilities/water <br />rights, or real property, If real property is offered as collateral, the applicant will be <br />required to submit supporting documentation of land values, based on current land <br />use and including improvements financed by the CWCB, from a Colorado Certified <br />General Appraiser. If water rights are being purchased or offered as collateral, the <br />applicant will be required to submit a written appraisal or opinion of value from a <br />qualified water rights appraiser supporting the purchase price and value, <br /> <br />8, Sponsor Creditworthiness - Provide information to be used by staff to evaluate <br />creditworthiness and financial need (in accordance with CWCB Policies) as follows: <br /> <br />a) Current schedule of rates or assessments, <br />b) Copies of the three most recent audit reports of financial statements, <br />c) A current credit report, if requested, <br /> <br />. <br /> <br />12 <br />