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<br />,. <br /> <br />Little Thompson Water District - Proposed Dry Creek Reservoir <br />September 13-14, 2005 <br /> <br />Agenda Item 12a <br /> <br />~ <br /> <br />Cash Reserves to Current Expense <br />weak: less than 50% 66% 20% <br />average: 50% - 100% (aver.) (weak) <br />stronn~ nreater than 100% <br />Debt per Tap <br />weak: greater than $5000 $2477 $3150 <br />average: $2500 - $5000 (strong) (aver.) <br />stronn-: less than $2500 <br />Monthly Water Sill <br />average: $30 $48 $64 <br />weak: greater than $60 (average) (weak) <br /> <br />i. <br /> <br />* Includes approximately 10% of L TWO's average tap fee revenues for 2003-04. <br /> <br />As security for the loan, the District will pledge water revenues backed by a rate covenant and <br />annual financial reporting. This is in compliance with CWCS Loan Policy #5 (Collateral). <br /> <br />Recommendation <br /> <br />Staff recommends a Joan not to exceed $4,994,955 ($4,945,500 for project costs and $49.455 for the <br />1 % Loan Service Fee in accordance with CWCS Loan Policy #16), to the Little Thompson Water <br />District, acting by and through the Little Thompson Water District Water Activity Enterprise, from the <br />Severance Tax Trust Fund Perpetual Sase Account, to construct the proposed Dry Creek reservoir in <br />50/50 partnership with the Central Weld County Water District. The recommended terms of the loan <br />are 20 years at 3.60% per annum. Security for the loan will be a pledge of water rate revenues . <br />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. <br /> <br />cc: Hank Whittet, District Manager, L TWD <br />Ed Toms, P.E., Boyle Engineering Corporation <br />Amy Stengel. AGO <br /> <br />Attachment <br /> <br />. <br /> <br />Page 6 of 6 <br />