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Loan Feasibility Study for Raw Water Acquisition and Utilization Page 33 Table 7 Penrose Water District Historical Water Rate Structure Year Monthly Base Rate Monthly Consumption Rate(s) Tap Fee per ERU • Consumption rate (Assessed monthly per 1,000 gallons of use exceeding per 2,000 gallons Beyond 2,000 gallons 2001 $15.50 $3.10 $3,500 2002 $15.50 (July) $3.10/1,000 gal from 2,000 - 8,000 April - tap $9.30/1,000 gal from 8,001 - 12,000 moratorium $28.00/1,000 gal. over 12,001 No outside irrigation 2003 $15.50 (July) $3.10/1,000 gal from 2,000 - 12,000 Tap moratorium $6.20/1,000 gal from 12,001 - 20,000 $9.30/1,000 gal. over 20,001 Lifted irrigation restriction Oct. removed conservation rates, returned to $3.10/1,000 gal over 2,000 2004 $15.50 $3.10/1,000 gal. April - removed tap moratorium $7,000 per ERU 2005 $17.00 $3.60/1,000 gal. $12,000 per ERU 2006 $18.00 $3.90/1,000 gal. $12,000 As extracted from the above table, the District's current water rate and tap fee structure are straight forward and are recapped in Table 8. Table 8 Penrose Water District Current Water Rate Structure • Base rate (monthly fee assessed allowing for up to 2,000 gallons of water $18.00 consumption per equivalent residential unit (ERU)) • Consumption rate (Assessed monthly per 1,000 gallons of use exceeding $3.90 2,000 gallons) • Tap fee (per ERU) $12,000 As indicated, the District generates some of its revenue through the issuance of a mill levy resulting in the collection of ad valorem taxes. Taxes are collected by Fremont County. The county assesses a 3% collection fee for the revenues secured on behalf of the District. Table 9 recaps the District's general operating fund mill levy and associated revenues together with a special voter authorized mill levy assessment and corresponding revenues from 2001 to present. Leonard Rice Engineers, Inc. August 2006 — 1018PEN05 GMS, Inc.