City Council Minutes 2003 02 18 - Laserfiche WebLink

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Louisville City Council Meeting February 18, 2003 Page 5 1. The design allows for the development of upper body strength. 2. Create a wheel chair accessible playground to meet the regional needs. 3. Create a playground as important as a classroom in the school building. Janet McSmith, 882 W. Mulberry Street, Louisville, CO stated the playground expansion is not only for special needs; it will stimulate the students and provide social skills. She introduced three Fireside Students: Sara Meyers, Carl Smith, and Charlie Jones. Sisk asked the students if the playground expansion was a good idea. They agreed. MOTION: Van Pelt moved that Council authorize the submittal of a joint application with Boulder Valley School District for a Great Outdoors Colorado Grant for Fireside Elementary School Playground Expansion, seconded by Levihn Roll call vote was taken. The motion passed by a vote of 4-0. AUTHORIZATION FOR SUBMITTAL OF APPLICATION TO COLORADO WATER & POWER AUTHORITY Sisk called for Staff presentation. Finance Director Charlene Laus reported on the application for funding from the Colorado Water Resources and Power Development Authority ("the Authority"). Discussions with the Authority raised issues requiring additional direction from Council before finalizing the application. The following issues were discussed at a joint meeting with the Finance Committee and Water Committee on February 17, 2003: Revenue pledge. Requires the City to pledge certain revenues as the source of payment for the notes. It is no different than the required revenue pledge contained in the current note the City has with the Authority. The City has combined its two utility enterprise funds into one fund, and has the ability to pledge both water and sewer revenues as the source of payment, however, it is not required to do so. Pledging both revenue streams gives the City flexibility in setting fees to meet the debt payments in the future. Additional infrastructure project required. There is a state requirement in the Authority's programs that allows the programs to fund the purchase of water rights as long as the request includes funding for an infrastructure project. The Authority's Finance Director has asked the City include an infrastructure project in its request for funding in order to comply with this requirement. Interim Funding. If the City's application is approved, funding will be provided through a bond issue by the CWRPDA. Since the bond issue may take several months, the Authority offers interim short-term funding to approved participants that are paid back from the bond proceeds. The Authority's Finance Director will ask for approval from the Authority's Board to make this interim funding available to the City if the application is approved. Participation in the interim financing requires an ordinance.