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voters were saying as part of that election <br />process. W-470 is a first and is still trying to <br />cut through some of those things. <br />Mohr asked to speak to the activities of the <br />Authority since February and what justifies its <br />existence. Mr. Ferdinandsen stated that <br />consultant review has been completed and submitted <br />to Authority members and discussions are on-going <br />as to how pay for this highway. "The only <br />experience we have in the State of Colorado is the <br />Boulder Turnpike as far as a toll road and that <br />was paid for with tolls but had the unique <br />advantage of having a security of the Federal <br />Government as they stood behind the bonds and said <br />that they would guarantee the bonds regardless." <br />The Authority is actively working on environment <br />and alignment issues. <br />Mr. Ferdinandsen stated that although there is <br />opposition to the highway, the need for the <br />highway is not going to go away with the traffic <br />studies that have been conducted and what has been <br />projected and had the legislation dealt with the <br />problem, a separate entity would not have been <br />needed. <br />Mr. Ferdinandsen responded to questions with <br />regard to contributions and loans by the <br />Authority's membership stating the conditions of <br />these agreements were that a funding package would <br />be implemented to repay those contributions. If <br />this highway is incorporated into a transportion <br />package at the state level, the bill is being <br />drafted that would allow the Authority to have <br />authority to guarantee the membership loans. By <br />continued participation in legislative <br />negotiations, Mr. Ferdinandsen feels there will be <br />a good chance of having those funds repaid to the <br />membership cities. <br />Mr. Ferdinandsen stated that the Governor has <br />gone on record as saying that the legislature must <br />pass an adequate bill in the neighborhood of $137 <br />million or he will veto it and call them back into <br />a Special Session. <br />Mohr stated that the Authority has been able to <br />accomplish much more than any State or Federal <br />agency could possibly achieve in the area of <br />right-of-way acquisition. <br />Mayor Fauson thanked Mr. Ferdinandsen for his time <br />and the information supplied to Council regarding <br />the W-470 Authority. <br />4 <br />