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<br />Jan 15 07 12:30p <br />r> <br /> <br />Penrose Water District <br /> <br />7193729347 <br /> <br />- <br />p.1 <br /> <br />. <br /> <br />PENROSE WfER DISTRICT <br /> <br /> <br /> <br />3-l0 Grant Street ~ Penrose, co 812-JO <br />Phone (719) 372-3289 Fax (719) 372-9347 <br /> <br />December 11, '2006 <br /> <br />Mr. Bruce Johnson <br />Water Supply Planning & Finance <br />Colorado Water Conservation Board <br />1313 Sherman St., Room 721 <br />Denver, CO 80203 <br /> <br />Re: Penrose Water District Water Rights Purchase and Raw Water Pipeline Project <br />Reserve Funding <br /> <br />Dear Bruce, <br /> <br />The Penrose Water District is requesting CWCB' s reconsideration of Condition 3 of your <br />memo to your board dated November 6, 2006. <br /> <br />. <br /> <br />This condition requires that the District, prior to execution of the loan agreement, set <br />aside a reserve fund equal to the one-year debt service of the estimated full loan amount. <br />I acknowledge that you had written this condition based on our representation that we <br />would fund the reserve in just such a manner, however, as we are working to establish the <br />Penrose Water District Water Activity Enterprise budget, it becomes apparent that to <br />fully fund the estimated reserve in 2007 places the Enterprise in an undesirable position. <br /> <br />We request that you consider allowing the District to exercise the option of your standard <br />loan policy which allows us to develop the full amount of the reserve over a ten year <br />period commencing one year after the loan is closed. <br /> <br />R;[:S ectfully, <br />r-u ' <br />'w t\;)~ <br />Lissa Pinello <br />Board President <br /> <br />. <br />