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<br />Director's Report <br />May 8, 1998 <br />Page 2 of 2 <br /> <br />Senate Bill 98-179, sponsored by Senator Dennis, gives the Department of Public Health <br />and Environment (DOPHE) legal authority to require public water systems to have technical, <br />financial and managerial capacity. Without this authority the drinking water capitalization <br />grant for FY1999 would bereduced by 20 percent. SB98-179 also authorizes a new <br />drinking water grant program for the DOPHE, much like the wastewater grant program for <br />communities of 5,000 or less. The bill was passed without an appropriation for the grant <br />program, but it is anticipated that money will be appropriated in 1999. <br /> <br />Rio Blanco Water Conservancy District <br /> <br />On April 28, $3,140,000 in bonds were priced to refund Rio Blanco's outstanding taxable <br />bonds for the hydroelectric power facility at Taylor Draw Dam. Interest rates ranged from <br />6.0% to 7.4% for the bonds in 2013. The present value savings to the District was $84,400 <br />or 3.6%. Although the savings were modest, the primary reason for refunding these high <br />interest bonds (10%) was to eliminate a "balloon" payment in 2002. This was done by <br />extending the repayment period to 2013. Closing is expected on May 12. <br /> <br />House Bill 98-1006 <br /> <br />As part of the funding package for the Endangered Species Trust Fund, this bill added a <br />clause, with a repeal date of July 1, 1999, to the Authority's statutory powers to allow a <br />contribution of $2.4 million to the Trust Fund. The funds are to be transferred prior to June <br />30, 1999. At its May 1 meeting, the Authority's Board of Directors adopted a resolution <br />authorizing the transfer of $2.4 million by June 30,1999. <br /> <br />Future Board Meeting <br /> <br />June 5 - Denver <br />