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<br />j <br /> <br />\.. <br /> <br />e--- <br /> <br />. <br /> <br />. <br /> <br />_ ~\\C\ WilER RE~ <br />~::~~~!'<o> <br /><..3~.~.._. 9!" <br />~ <br />-2z,-::->;:~-"~~-<>.~ <br />~ 1 ".,.,t",f. ,,~ <br />~DPMEm t>l <br /> <br />COLORADO WATER RESOURCES & <br />POWER DEVELOPMENT AUTHORllY <br /> <br />Logan Tower Bldg. - Suite 620, 1580 Logan Street. Denve( Colorado 80203 <br />303/830-1550MEI'\ORANDUM FAX 303/832-8205 <br /> <br />May 9, 1991 <br /> <br />TO: Dan Law, Executive Director <br /> <br />FROM: Skip Kerr, Project Manager <br /> <br />RE: CWCS Review for Small Water Resources Projects <br /> <br />Under Section 37-95-107 (8), C.R.S. as amended, the Authority is <br />required to submit a project summary to the CWCB for its review prior to <br />financing any small water project involving a raw water diversion or storage <br />facility. Three borrowers who have applied for loans under the Authority's <br />1991 issue of Small Water Revenue Bonds fall within that category. These are <br />the Town of Erie, the City of Greeley, and the City of Steamboat Springs, all <br />of whom will use a general obligation pledge as security for their loans. <br />Project summaries are enclosed with this memorandum for each of the projects <br />to be reviewed by CWCB. <br /> <br />The Town of Erie has requested a loan of $300,000 from the Authority to <br />help finance the $530,000 cost to rehabilitate their two raw water storage <br />reservoirs. A loan of $250,000 has previously been approved by the CWCB to <br />cover the balance of the financing needs for project design and construction. <br />The Town intends to repay the 20-year loan from the Authority using their <br />Water Fund revenues and, if necessary, thei r General Fund revenues through a <br />general obligation pledge. Annual debt service of approximately $28,000 for <br />this loan is equivalent to a mill levy of 4.20 on the present assessed value <br />of $6,673,000. <br /> <br />The City of Greeley has requested a loan of $669,000 from the Authority <br />to help finance the design and/or construction of four different projects. <br />Two of these projects involve the rehabilitation of reservoirs. Construction <br />cost of the Barnes Meadow Reservoir rehabilitation is estimated to cost <br />$430,000, half of which will be paid from a CWCB Construction Fund loan, and <br />$228,000 to come from the Authority loan. Greeley has estimated the design of <br />the Peterson Lake Reservoir Rehabilitation will cost $40,000, half of. which <br />will be financed under the Authority loan. The City intends to repay the 20- <br />year loan from the Authority using their water user fees and the City's <br />interest income. Ult i mate securi ty for the Authority's loan is a general <br />obligation pledge. Annual debt service of approximately $61,000 for this loan <br />is equivalent to a mill levy of 0.21 on the present assessed value of <br />$289,998,000. <br /> <br />The City of Steamboat Springs has requested a loan of $1,175,000 from <br />the Authority to finance the design and construction of an infiltration <br />gallery and appurtenant structures. The City intends to repay the loan from <br />the Authority using water Qser fees and the City's sales tax. The final <br />security for the Authority's loan is a general obligation pledge. Annual debt <br />service of approximately $107,000 for this loan is equivalent to a mill levy <br />of 0.84 on the present assessed value of $128,100,000. <br />