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<br />Bank, CoBank, and bonding agencies to investigate other loan sources. The Subdistrict has <br />already established an Enterprise Fund, but our current revenues from annual assessments would <br />limit our total loan amount to approximately $2 million. Currently, the Subdistrict receives <br />approximately $125,000 annually. Tabor limits the Subdistrict to a borrowing limit of annual <br />assessments plus an additional 1 0 percent from tax revenues. This would equal a total of <br />$137,500. At 2.75% interest, a total of approximately $2 million could be borrowed on a 20-year <br />loan. <br /> <br />On November 5,2003, voters of the Groundwater Management Subdistrict gave approval to <br />borrow up to $20 million for the purchase of water rights and development of storage projects. <br />The Subdistrict mill levy was increased to approximately 4.4 mils to provide revenues to meet <br />the payments of the loan. The mill levy can be increased to a total of 6 mils if necessary. <br /> <br />Permitting <br /> <br />No easements, rights-of-ways, or other permits are required. <br /> <br />Conclusions <br /> <br />The Board of Directors of the Groundwater Management Subdistrict of the Central Colorado <br />Water Conservancy District has determined that an expenditure of at least $20 million is vital for <br />the long-term economic security of members of the Subdistrict. <br /> <br />9 <br />