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<br />. <br /> <br />The combined average 1990 median household income for Firestone and Frederick is . <br />$31,685, which indicates the Municipal Middle Income lending rate. For the year 2000, <br />the rate would be 5.00 percent for a 30-year loan term. <br /> <br />Recommendation <br /> <br />.' <br /> <br />P~.~ o.."I" <br />Staff recommends that the Board request a conditional Construction Fund loan <br />authorization of$730,000 for the regional storm water detention pond project of the Weld <br />County Tri-Area Sanitation District as described in this memorandum. The loan would be <br />for a term of 30 years at the Municipal Middle Income lending rate of 5,00 percent. As <br />security for the loan, the storm water enterprise fund will offer a pledge of revenues <br />backed by a rate covenant and annual financial reporting <br /> <br />Staff further recommends that: <br /> <br />1. Final loan approval will be conditioned upon the District's ability to demonstrate <br />to the Board's satisfaction that the proposed project is financially feasible. <br /> <br />2. The authorization will not commit the Colorado Water Conservation Board to <br />providing any additional funding for the project. <br /> <br />. <br /> <br />3. The boards of directors of the Weld County Tri-Area Sanitation District and the <br />District's storm water enterprise fund will adopt resolutions approving the loan <br />and the pledge of revenues. <br /> <br />4. Any loan resultin~~om this authorization shall have parity status with any <br />existing~d futu~ebt of the storm water enterprise fund with respect to a <br />pledge of revenues. <br /> <br />Attachments <br /> <br />Cc: Anthony Onorato, WCTASD <br />Rick Patterson, Mayor, Town of Firestone <br />Edward Tagliente, Mayor, Town of Frederick <br />Dan Law, Water & Power <br />Don Silar, Sear-Brown <br />Linda Bassi, AGO <br /> <br />. <br /> <br />5 <br />