During Tuesday night’s meeting, the Board approved an ordinance authorizing the issuance and sale of Town of Erie, Colorado, Taxable (Converting to Tax-Exempt) Water Enterprise Revenue Refunding Bonds, Series 2017. This refinancing is projected to save the Town approximately $686,000 on a cash flow basis and $526,000 on a present value basis, a savings of 12%, which is well above the GFOA recommended minimum of 3-5%. The proposed refunding will be a private placement with Centennial Bank & Trust, who was selected as the result of a request for bid process.
BACKGROUND: Last November the Board approved an ordinance to refund the 2007 A Water Revenue Bonds, a portion of the 2007B Water Revenue Refunding Bonds, and a portion of the 2009 Water Revenue Refunding Bonds, issued primarily to finance construction of various waterlines, the water treatment plant, and other water system infrastructure, in order to reduce the interest costs of its revenue bonds. Unfortunately, interest rates subsequent to the November election rose to the point that the refunding as originally planned was no longer economically viable.
The Town’s bond advisor and bond underwriter identified a different financing structure that would allow the Town to refinance a portion of the bonds originally planned to be refunded - the 2007 A and all but one maturity (2017) of the 2007B issues -through the issuance of approximately $4,700,000 in taxable (convertible to tax exempt) refunding bonds.
The Board approved an agreement with Pinyon Environmental, Inc. to monitor oil & gas operations at the Pratt and Waste Connections well sites in an amount not to exceed $125,000.00. The purpose of the monitoring is to observe and report on compliance with Colorado Department of Public Health (CDPHE) and Colorado Oil and Gas Conservation Commission (COGCC) rules and regulations pertaining to air quality and noise emissions, including:
NOISE MONITORING: Pinyon will mobilize to the well site and monitor for noise at two locations using a Type I sound level meter. The sound level meter will be used to collect continuous measurements of both A-weighted and C-weighted decibels at a location 350-feet from the well site and a second site located near the residences that may be affected by drilling. The sound level meter will be configured with an alert system that will send a real time message to the Pinyon Noise Specialist indicating that noise levels have been exceeded. Pinyon will notify Town staff by the next business day of any exceedances. Pinyon will provide a monthly report detailing noise monitoring results.
AMBIENT AIR SAMPLING: The CDPHE APCD conducted air sampling in the vicinity of the Wooly-Sosa site on December 13, 2016. Pinyon will conduct air sampling as outlined in the, “Health Screening Evaluation of Air Testing in Erie Neighborhoods,” dated January 31, 2017. Pinyon will mobilize to the residential noise monitoring site and place a Summa Canister at that location. The canister will be equipped with a 24-hour regulator. Pinyon will re-mobilize to the well site to retrieve the canister after 24 hours. Summa Canister samples will be collected every five days. A once per five-day sampling frequency aligns with previous ambient air toxics studies conducted by CDPHE APCD and EPA.
The sample will then be analyzed in accordance to Method TO-15, “Determination of Volatile Organic Compounds (VOCs) in Air Collected in Specially-Prepared Canisters and Analyzed by Gas Chromatography/Mass Spectrometry (GC/MS),” and EPA reference Method 18, “Measurement of Gaseous Organic Compound Emissions by Gas Chromatography.” Pinyon will compare the results against short term and long term health screening levels as identified in the below sources and will prepare a monthly report detailing the results.
View complete March 14, 2017 Board of Trustees Meeting Packet here.The next regularly scheduled Board of Trustees meeting will be held on Tuesday, March 28, 2017 at 6:30 p.m. All meetings are held in the Town Hall boardroom located at 645 Holbrook Street in Erie.Board of Trustees Action Items are brief summaries of some, but not all, agenda items and do not serve as the official meeting minutes. Select this link to view archived Board of Trustees meeting online via the On Demand Video service. To request approved meeting minutes of Board of Trustees meetings, please contact the Town Clerk’s Office at firstname.lastname@example.org.