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<br />Town of Coal Creek <br />March 24-2625, 2001 <br /> <br />Agenda Item 24f. <br />(Updated March 28, 2003) <br /> <br />Page 4 <br /> <br />Water Project Construction Loan Program-Project Data <br /> <br />Borrower: Town of Coal Creek <br /> <br />County: Fremont <br /> <br />Project Name: Union Ditch Share Acquisition <br /> <br />Project Type: Water Rights Purchase <br /> <br />Drainage Basin: Arkansas River <br /> <br />Water Source: Arkansas River <br /> <br />Total Project Cost: $75,000 <br /> <br />Funding Sources: CWCB and the Town <br /> <br />Type of Borrower: Municipal <br /> <br />Median Household Income: Low <br /> <br />CWCB Loan: $67,500 <br /> <br />Interest Rate: 3.75% <br /> <br />Term: 30 years <br /> <br />CWCB Grant: $0 <br /> <br />Annual Volume of Water: 34 acre-feet <br /> <br />The Town of Coal Creek is located 2 miles south of the City of Florence, in Fremont County. The <br />Town provides water service to its residents through a master metering arrangement with the City of <br />Florence Regional Water System. Coal Creek provides raw water to Florence and Florence treats the <br />water and returns it to Coal Creek for distribution. Coal Creek's existing water rights, dated 1884, have <br />been out of priority in times of drought, speCifically during 1977, 1978, and 2002. The Town anticipates <br />that its existing water rights will also be called out in 2003. Coal Creek plans to buy water shares in the <br />Union Ditch (priority date 1863) to supplement its existing supply. The Town of Coal Creek is a <br />Colorado municipality with the power to acquire water rights, construct and operate facilities, levy <br />taxes, and issue debt subject to the provisions of TABOR. The Town has 165 taps and an average <br />monthly water bill of $25.00. Martin and Wood, Water Consultants Inc. has completed an Engineering <br />Report, and the Town has completed the feasibility study. Funding will come from a $67,500 Small <br />Project loan from the CWCB and remainder from the Town. <br /> <br /> <br />Location Map <br />4 <br />