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" ~.&. .~ . . , , Agenda Item 29k November 4, 1994 Page two The feasibility study now underway is evaluating the use of water meters for the new irrigation system. Water meters would promote conservation of irrigation water. This project will allow the Town to better put its existing water rights to beneficial use. This project was considered for a CWCB Water Conservation Demonstration Grant, and received a high rating by the panel. Although the Town did not receive the grant, it still wishes to proceed with the project. (Staff will be visiting the project area and meeting with Town representatives on October 21,1994 to discuss the project and to get an update on feasibility study progress.) STAFF RECOMMENDATION The staff recommends: 1. That a construction fund loan in an amount of $400,000, not to exceed 75% of the actual total project costs, be approved for the Town of Silt, to construct a raw water irrigation system for lawns and gardens, and 2. That the financing terms shall be 5.5% annual percentage rate, for a duration of 30 years, and 3. That loan approval shall be contingent upon completion of the feasibility study, and upon the determination that the selected project alternative is feasible, and 4. That loan approval shall be contingent upon staff evaluation of the Town's financial condition and ability to pay, and upon all standard contracting provisions of the CWCB, and 5. That the loan shall be contingent upon the Town of Silt being UNABLE to obtain financing through the Colorado Water Resources and Power Development Authority. ACTION TAKEN BY THE CWCB NOVEMBER 4. 1994: The CWCB approved the staff recommendation, with one revision. The Board approved an interest rate of 4%, because the Median Household Income (MHI) for the Town of Silt is $21,724, which is less that 80% of the State MHI of $30,140. Attachments C:\wp51\john\29k..nov