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<br />Agenda Item lOd. <br />January 24, 1996 <br /> <br />2 <br /> <br />with Amendmcnt #1, it would be =ssaIY for the people of Lyons to approve this by vote. <br />The earliest this vote could occur would be November 1996. (See attached letter dated Jan. 5, <br />1996, from the Town's a=untant. Janice Saeger), <br /> <br />(b) Financial Condition: <br /> <br />A parity lien test indicate.~ the Town meets the Wluirements necessary to issue additional parity <br />liens (S500k form the CWR&PDA, and ~2ao.5K f,om the CWCB). based on the net revenues <br />of the Water and Sewer funds. <br /> <br />The financial impact of the project on water rates was evaluated by the Town's a=urrtan1 (See <br />attachrr,cnt, Draft Feasibility Study, Table to.) Vihen $780,500 is borrowed (S500k form the <br />CWR&PDA, and $280.5K from the CWCB). water rateS will need to increase 58 %, from about <br />$22/month to S35/month. Even though this is a significant increase, it is still well below the <br />average water rate of $44/month for twelve cities or towns similar to Lyons, and just slightly <br />more than the Statewide average of $33.15 (Reference daIa from the Colorado Municipal <br />League). The evaluation also shows that the monthly bill remains at about $35 through the year <br />2006. <br /> <br />(c) Feasibility Study: <br /> <br />A draft Feasibility Study has been completed by RBD Engineering, Fort Collins. The study <br />evaluates several alternatives, and indicate.t there are no significant roadblocks which would <br />stand in the way of the preferred alternative. (portions of the Draft Feasibility Study are <br />attacbed.) <br /> <br />The issue of incorporating a gaging station into the design of the new diversion structure has <br />been addressed in the feasibiliry study. The gage would be used to monitor iJlstream flows. <br /> <br />STAFF RECO:MMENDATION <br /> <br />The staff recommends: <br /> <br />L That a construction fund loan in an amount of $180,500 not to exceed 75% of <br />actual project costs, be ratified for The Town of LyollS (and/or Tbe \V:atcr <br />Enterprise for The TO\\TI of Lyons) to ,ehabilitate the Town's Raw Water Intake <br />Structure, and <br /> <br />2. That the rmanciDg terms shall be at an annual percentage rate of 5%, for <br />a duration of 20 years, and <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />