PROJ01845

• Contract/PO #: FS0062FX
• Contractor Name: Silver Heights Water and Sanitation District
• Contract Type: Loan
• Water District: 0
• County: Douglas
• Loan Projects - Doc Type: Approval Letter

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STATE OF COLORADO

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Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]

MEMORANDUM

TO:

The Silver Heights W &SD File
Bill Green13V

FROM:

DATE: April 2, 1999

SUBJECT: Withdrawal of Loan Application

With respect to the Small Project Loan Account application of the Silver Heights Water
and Sanitation District for $100,000 loan for a new well, I have:

. reviewed the application and the information in the file compiled by John Van Sciver,

. reviewed and analyzed the District's three most recent financial statements, and

. discussed the project with representatives of the District, the District's engineer, and
the District's attorney.

Based on the above and on discussions with Bill Stanton and Linda Bassi, I concluded
that:

. the entire project cost is about $340,000 and the District has already paid out
$100,000 for well construction and completion,

. the District's financial condition is quite sound,

. the District currently has about $400,000 in cash reserves (after paying out $100,000
for the well) and is capable of paying the remaining project cost of about $240,000,

. should the District pay the entire remaining project cost, cash reserves would amount
to about $158,000 which is still more than adequate relative to current operating
expenses and other items in the District's financial statements,

. the only other major capital expenditure presently contemplated by the District might
be associated with providing service to a new development, and

Bill Owens
Governor

Greg E. Walcher
Execulive Director, DNR

Peter H. Evans
Director, CWCB