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<br />Director's Report <br />May 19, 1995 <br />Page 2 of 2 <br /> <br />In connection with this legislation, SJR95-19 creates the first project eligibility list for the <br />Drinking Water Revolving Fund. There are 119 projects on this list with an identified need <br />of approximately $228 million. The Authority has already approved two loan applications <br />under this program, and the loans are expected to be executed, in June once the Governor <br />signs SB95-83 and SJR95-19. <br /> <br />Small Water Resources Proiects <br /> <br />Potential borrowers are being contacted, but it is unlikely that a financing will occur this year. <br /> <br />Water Pollution Control Revolvina Fund IWPCRFl <br /> <br />Leveraged loans for the following entities were funded from bonds sold on May 11: <br /> <br />City of Brighton $5,080,484 <br />City of Craig $1,096,820 <br />City of Fort Morgan $9,146,685 <br />City of Steamboat Springs $1,563,550 <br />Upper Eagle Cons. San. Dis!. $6,099,183 <br />Winter Park Water & San. Dis!' $3,050,000 <br />Total $26,036.722 <br /> <br />Closing for these loans is scheduled for May 31. The bonds, rated Aa/M by Moody's and <br />Standard and Poor's respectively, were sold with an all-in cost of 5.73%. The interest rate <br />on the loans is 4.58%,80% of the all-in rate. <br /> <br />Direct loans to Parker Water and Sanitation District ($500,000) and the town of Fruita <br />($224,000) were executed earlier this year. Additional direct loans to the city of Sterling <br />($495,000) and the town of Log Lane Village ($367,200) are expected to be executed in the <br />next six weeks. With these new leveraged and direct loans, the number of loans executed <br />since inception of the program will total 37 with a value of $159 million. <br /> <br />The Authority recently received the EPA FY1995 grant of $9,852,000. Since 1989, the <br />Authority has received grants totaling $91,520,000. Future EPA funding is uncertain at this <br />point with the reauthorization of the Clean Water Act still up in the air. However, due to the <br />financial structure of the WPCRF program, there remains approximately $100 million of <br />available loan capacity. <br /> <br />The legislature recentiy approved, and the Governor signed, SJR95-5 which authorizes the <br />addition of 37 projects and the deletion of 20 projects from the WPCRF eligibility list. The list <br />now contains 112 projects representing an estimated need of $411 million. <br /> <br />--.. <br />