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<br />. <br /> <br />. <br /> <br />The Consolidated Mutual Water Company <br />Fortune Reservoir <br />Potential Sources of Funding <br />December 31, 1998 <br /> <br />Loan Application - Item .4 Page 5 <br /> <br />************************************************************* <br /> <br />To meet the capital investment requirements of the Fortune <br />Reservoir project as outlined in the project cost estimate of <br />this application, The Consolidated Mutual Water Company <br />(Consolidated) has only three (3) sources of funding <br />available. They are as follows: <br /> <br />1) Consolidated's Cash Reserves <br />2) Bank Loan(s) <br />3) Colorado Water Conservation Board Loan <br /> <br />As a privately and mutually owned non-profit Colorado <br />corporation, Consolidated's revenue is derived primarily from <br />the distribution of water to its stockholders and, as such, <br />has no bonding or taxing authority and no access to loans <br />from the Rural Development, Colorado Water Resources and <br />Power Development Authority and/or the Colorado Division of <br />Local Government. <br />