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1 t <br />CWCB Construction Fund Loan Application <br />through 2020 and indicates that there should always be sufficient funds for debt service <br />on this CWCB Loan as well as other capital needs of PAWSD. In addition, other sources <br />' of funding (e.g., USDA Rural Development, Colorado Division of Local Government, <br />etc.) maybe investigated by the Districts. <br />' The SJWCD will participate financially with PAWSD to contribute a substantial portion <br />of the 10% match required for obtaining this CWCB Loan. SJWCD recently obtained a <br />$1 million grant from the CWCB SB 179 Interbasin Roundtable Funds, the entire amount <br />' of which will be used for the purchase of the Weber property and qualify as a portion of <br />the 10% ($2,239,200) agency match required for this CWCB Loan. In addition, the <br />SJWCD may provide other funds toward development of the Dry Gulch Reservoir <br />Project derived from the following sources: a) a $37,750 grant received from the <br />Southwestern Water Conservation District (SWCD); b) a SJWCD reserve account of <br />$300,000 (available to assist with immediate fees and preliminary environmental study <br />' costs); c) impact fees being collected on behalf of SJWCD by the Town of Pagosa <br />Springs through an Intergovernmental Agreement and projected to yield from $190,000 <br />to $285,000 per year based on anticipated growth trends; d) a proposed increase to the <br />current SJWCD mill levy for funding development and construction of the Dry Gulch <br />Reservoir Project (a ballot question is being considered). <br />' The lower than market interest of this CWCB loan is instrumental for initial land <br />acquisitions. However, PAWSD, in cooperation with the SJWCD, has approached other <br />open-market lenders (e.g., Wells Fargo Public Finance Division, George K. Baum and <br />' Company Investment Bankers) regarding "bridge" financing for funding land acquisition <br />costs before funds from this CWCB Loan are available. The bridge loan will likely <br />become necessary to timely purchase the Weber Property prior to when funds from this <br />CWCB Loan are available (bridge period expected to be less than 12 months). This <br />CWCB Loan will be used to repay the bridge loan if it is outstanding when the CWCB <br />Loan funds become available. <br />' 4. What collateral will you be offering for this loan? PAWSD will consider pledging water <br />system revenues, the real property acquired, project facilities, or other valuable assets to <br />' secure this loan. PAWSD prefers to pledge the real property acquired for the project as <br />collateral for this loan, which asset should have a growing appreciation in value given the <br />expected escalation in land values in Archuleta County. <br />t The above statements are true, to the best of my knowledge: <br />By: ~~' ~. ~~j <br />t Printed Name: Carrie S. Weiss <br />Title: District Manager, PAWSD <br />' Date: ~-~p(~ U~~v'f" ~ Zq ~ Zl~ (~ "1 <br />6 <br />