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<br />Project Summary - Town of Coal Creek - Contract No. 150139 <br /> <br />SECTION 1 -BORROWER INFORMATION <br /> <br />Name: Town of Coal Creek <br /> <br />Address: P. O. Box 36 <br /> <br />Coal Creek, CO 81221-0036 <br /> <br />Charles L. Hastings, Mayor <br /> <br />719-784-6150 Fax Number: 719-784-6150 <br /> <br />townofcoalcreek@aol.com <br /> <br />The Town of Coal Creek is a municipality and is acting by <br />and through its water activity enterprise that was formed <br />pursuant to Resolution No. 7 Series 2003 adopted by the <br />Town's Council, incorporated herein by reference. <br /> <br />Section 2 - Project Description <br /> <br />Description of PROJECT: The Town of Coal Creek, a Colorado municipality with the <br />power to acquire water rights, construct and operate facilities, levy taxes, and issue debt <br />subject to the provisions of TABOR and located in Fremont County, provides water <br />service to its residents through a master metering arrangement with the City of Florence <br />Regional Water System. Coal Creek provides raw water to Florence and Florence <br />treats the water and returns it to Coal Creek for distribution. Coal Creek's existing water <br />rights, dated 1884, have been out of priority in times of drought. Coal Creek plans to <br />purchase water shares in the Union Ditch (priority date 1863) to supplement its existing <br />supply (PROJECT). The estimated total cost of the PROJECT is $75,000. <br /> <br />Description of Feasibility Study: The CWCS has reviewed a feasibility study <br />report on the PROJECT entitled "The Town of Coal Creek Water Rights Acquisition <br />Project Feasibility Project" dated March 14,2003, which is incorporated herein by <br />reference, and,. based upon the feasibility report, the CWCB determined the <br />PROJECT to be technically and financially feasible. <br /> <br />SECTION 3 - CWCB's AUTHORITY <br /> <br />Small Proiect Loan: This loan is made pursuant to the provIsions of Sections <br />37-60-119 and 37-60-120, C.R.S., which authorizes the CWCB to loan money for <br />water projects for the benefit of the people of the State, provided that the borrower <br />assures repayment ofthat money. <br /> <br />Section 37-60-122(1)(b) C.R.S., authorizes the CWCB to make loans of up to <br />$1,000,000 from the CWCB's Construction Fund and the State Severance Tax Trust <br />Fund Perpetual Base Account Fund without prior approval from the General <br />Assembly <br /> <br />SECTION 4 - BOARD ApPROVAL AND LEGISLATIVE AUTHORIZATION (IF NEEDED) <br /> <br />At its March 2003, meeting, the CWCB approved a loan to the BORROWER in an <br /> <br />Contact: <br />Phone Number: <br />Email: <br />Type of Entity: <br /> <br />Appendix 1 to Loan Contract C150139 <br />