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I I I I I I I I I I I I I I I I I I I projected that the storage fee per acre-foot would increase at an average rate of3l1z% per year. Negotiations are underway with the owners of Rio Grande Reservoir to increase reservoir storage from 400 acre-feet to 600 acre-feet. Further, discussions are proceeding with owners of Continental and Santa Maria Reservoir to increase contract storage from 200 acre- feet to 500 acre-feet. Legal and Engineering Fees Legal and engineering fee were project to increase at a rate of3l1z% per year. However, the fees were projected to decrease to one-fourth after the third year when the decree for the purchased water should be complete. CWCB Loan Reserve The CWCB' s required reserve of 1 % of the annual payment for 10 years and annual loan repayment over a 30 year period is included in separate columns in the spreadsheet. 4.4 Loan Repayment Sources The source of funds to be used to repay the requested loan will be a portion of the all projected District revenue. 4.5 TABOR (Taxpayer's Bill of Rights) Issues The Pine River Weminuche Pass water rights are being acquired by the Conservancy District through its Water Activity Enterprise. Pursuant to C.R.S. S 37-45.1-106 (1), the District may contract with the Colorado Water Conservation Board for the funding of a loan related to its acquisition of these water rights. The Tabor Amendment does not apply to this activity. Revenues collected by the District or its Enterprise for the acquisition of these water rights for use in the District's Augmentation Program are not subject to the limitations of subsections (4) and (7) of section 20 of article X of the Colorado Constitution, see C.R. S. ~ 37-45.1- 106 (2). Also, any increase in the rates charged by the District or its Enterprise for water activity enterprise services, such as the purchase of these water rights for use in the District's Augmentation Program, are not deemed a tax subject to the limitations of section 20 (4) and (7) of article X of the State Constitution. 4.6 Collateral Throughout the term of the loan period, the District offers the" Annual Fees" as collateral for the request loan. This form of collateral is in accordance with CWCB' s Standard Loan Contract - Waiver #160 - Approved November 10,2003, Section A. 8. Pledge of revenues. The annual fees were $154,008 during 2007. The fees are projected to increase in direct portion to water sales (See Table 4-1) plus inflation at 3l1z% per year. The E01662 16 fJl~ SINCE ]:j),",WJ~ ~ ::'/kii:., J948 "''''Co'j'''''"''"'.'"''I'''' ~~:-::~~ ~:hW'1~~~J~:l1'. ~ /.~) ~~ Q~. s~}~~:jt::a" j:RJ{:,