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<br />I <br /> <br />. <br /> <br />'4< <br /> <br />" <br /> <br />Agenda Item 18 <br />January 23, 1995 <br />Page 6 <br /> <br />. <br /> <br />Colorado Water Resources & Power Development Authority which provides low-cost access <br />to the private capital market. While this would result in some additional costs to the Distri ct, <br />it does not appear as if Water & Power Authority financing for the bond refunding or a <br />portion of the capital costs would make the project infeasible. <br /> <br />The most difficult issue is the question of the impact on the other participants in the SWSP <br />should the District not participate. The SWSP presents an invaluable opportunity for a <br />number of small communities in Northeast Colorado, currently dependent upon groundwater <br />supplies, to obtain a dependable, high quality source of water. The Board has already made <br />a commitment to a portion of the SWSP and will be asked to consider participation by Fort <br />Morgan in March of this year. <br /> <br /> <br />In view of the above considerations, the staff recommends that: <br />) <br />1. A Construction Fund loan in the amounf~i:,260,000, not to exceed 75% of <br />actual project costs, be approved for the Morgan County Quality Water District <br />to participate in the Southern Water Supply Project and to construct additional <br />groundwater facilities in the San Arroyo Basin. <br /> <br />2, <br /> <br />Financing terms for the CWCB loan shall be at 4,0 percent interest for a <br />repayment period of 30 years. <br /> <br />. <br /> <br />3. <br /> <br />The CWCB will not provide funds for refinancing of existing District bonds. <br /> <br />4, <br /> <br />Loan approval shall be contingent upon satisfactory completion of the draft <br />feasibility study with a detailed analysis of at least one viable alternative to the <br />proposed project for the purpose of demonstrating the economic tradeoffs <br />involved in project selection, <br /> <br />5, <br /> <br />The District attempt to obtain financing for a portion of the project costs, as <br />well as refunding of existing bonds, through the Small Water Resources Projects <br />Program of the Colorado Water Resources & Power Development Authority, <br /> <br />6, <br /> <br />The loan shall be contingent upon all standard contracting yrovisions of the <br />CWCB, IJlwi&.. {wJR~ ~~ ()..O () ~ ~ <br />~ w / ;r/1l.fA<t1 1-- . <br /> <br />cc: Paul McDill, MCQWD <br />Dan Law, Water & Power Authority <br />George Underwood, Consulting Engineer <br /> <br />w: \boardmem\jan95\ 19bjan <br /> <br />. <br />