Town of Rico Board of Trustees special meeting - July 29, 2019
Estimated legal counsel expenses of up to $10,000 for the November 2019 sewer/sanitation ballot question, and subsequent loan document preparations, were approved by the Town of Rico Board of Trustees at a special meeting held July 29, 6:30 PM, at Rico Town Hall.
Butler Snow LLP will be hired to prepare the text of the sewer/sanitation ballot question. If the measure gains Rico voters' approval, the same firm will serve as "bond counsel" to prepare documents for a loan from the Colorado Water Resources and Power Development Authority to Town of Rico.
Town of Telluride and the Colorado Municipal League both recommended the Butler Snow firm to Town of Rico administration, according to notes in the July 29 meeting "Trustees Packet." The need for specialized legal service is described:
"Because writing both the ballot according to TABOR guidelines and these loan agreements requires a specific type of legal advice . . . ."
The firm estimates in its July 25, 2019 email letter proposal that fees will total $8,000 - $10,000 if the ballot initiative passes, and $3,000 to $5,000 if it fails.
According to information in the July 29 meeting "Trustees Packet," Town of Rico has $5,000 for the election in the 2019 Budget, and "bond counsel" funding in the Sewer Fund. Town administration stated an intent to apply for additional funding from the Rico Center in the next grant cycle.
The Colorado Water Resources and Power Development Authority provides low-cost financing to governmental agencies in Colorado primarily for water and wastewater infrastructure development.
It is the policy of the Colorado Water Resources and Power Development Authority to assist local governments with financing water and wastewater infrastructure in a manner that is flexible and cost-effective yet does not jeopardize the Authority’s principal or security.