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<br />. <br /> <br />EAST DILLON WATER DISTRICT <br /> <br />Serving Summit Cove, Keystone West Ranch, Summerwood. Soda Creek, Snowberry, Swan Meadow Village, Keywest Fums, Whispering Pines, Meadow Wood, Grey Fox <br /> <br />OPERATIONS <br />Water Works West <br />David A. Morris <br />58 Gray Fox Lane <br />Dillon, CO 80435 <br />(970) 468-6256 <br />operate@eastdillon.com <br /> <br />BOARD OF DIRECTORS <br />Bruce Farrell, President <br />Angel Oberriter, Vice President <br />Joseph P. O'Malley, Treasurer <br />Janice Geiss, Secretary <br />Donna Rosener <br /> <br />AMINISTRATION & BILLING <br />Mountain Systems, Inc. <br />Robert D. Polich <br />101 S. 7th St, PO Box 627 <br />Frisco, CO 80443-0627 <br />(970) 668-5655 <br />(970) 668-5534 (Fax) <br />admin@eastdillon.com <br /> <br />August 30, 2001 <br /> <br />John W. VanSciver <br />The Colorado Water Conservation Board <br />1313 Sherman St., Room 721 <br />Denver, CO 80203 <br /> <br />Re: Loan application for East Dillon Water District <br /> <br />Dear John, <br /> <br />Enclosed please find the loan application and supporting documents for the East Dillon <br />Water District. <br /> <br />The East Dillon Water District is a quasi-municipal corporation and a political <br />subdivision of the State of Colorado, created in 1969 pursuant to Title 32 of the Colorado <br />Revised Statutes, as amended, for the purpose of providing water facilities and service for <br />the inhabitants of the District. A special district is expressly authorized by statute to <br />borrow money and incur indebtedness Section 32-1-1001(1)(3). CR.S. <br /> <br />Water for the District has been provided since its inception through a lease agreement <br />with the Vidler Water Company. The most recent agreement was a perpetual lease <br />signed in 1983. The District has made several attempts to purchase the water rights <br />beginning in 1990. Several events in 2000 accelerated the District's desire to acquire the <br />water rights and also induced Vidler Water Company to sell the rights. Valuation of the <br />water rights was determined by the cash flow value of the existing Vidler lease, the <br />priority of the rights to other rights in the area, the favorable decree of the rights and <br />point of diversion of the rights. The District felt it was in the long-term interest of the <br />residents living in the District to acquire the rights and protect the water basin for future <br />generations. Financially, the analysis of the District is the purchase of the rights, over a <br />20-year period, does not require a change to the current dollar valuation of income to the <br />Distict. Income to the District is through service fees, tap fees and a mil levy. The <br />District will allow residents in 2002 to choose whether they want a portion of the revenue <br />to continue to be from a mil levy or if they desire to have all income be through service <br />fees. Regardless of the choice of the residents, in an election, the annual cost per resident <br />paid to the District will remain at the same current dollar valuation. The election will <br />