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<br />4. Please provide a brief narrative description of potential sources offunding (in addition to the <br />CWCB) which have been explored for the proposed project (Examples would be banks, Rural <br />Development, Colorado Water Resources and Power Development Authority, Colorado Division of <br />Local Government etc. <br /> <br />The following sources of potential funding have been explored and effectively eliminated from <br />consideration: <br /> <br />a) Commercial Banks <br />Due to the current volatility in interest rates the Town of Ridgway's preferred commercial <br />bank, First National, would not lend us money for this project on a twenty year note. The <br />bank would consider a fifteen year amortization at 5 3/4 or 6 percent. The uncertainty and <br />cost involved in this scenario make it unacceptable. (Contact Mike Baker; Phone: (970) <br />325-4200, for more information.) <br /> <br />b) Colorado Division of Local Government <br />The Division of Local Government will not loan us money to complete the first phase of <br />this project, although they have indicated interest in second phase (i.e., distribution system <br />funding). <br /> <br />c) Increase in Mill Levy Tax <br />Ridgway has a poor record of convincing voters to increase the mill levy . <br /> <br />5. What collateral will you be offering for this loan? <br /> <br />We are offering the following in order of preference: <br /> <br />a) Revenues from the Ridgway Water Enterprise after debt servicing and maintenance. <br /> <br />b) A 5.369 acre piece of property that is deed restricted to open space valued at <br />approximately $75,000. (SEE A TT ACHMENT D) <br /> <br />The above statements are true, to the best of my knowledge: <br /> <br />Signature of Applicant: <br /> <br />._-~ <br />~b ~ <br />~ <br />~/J <br /> <br />//7'~aqe r <br />. c/ <br />r-3/-9? <br /> <br />Title: <br /> <br />Date: <br /> <br />-5- <br />