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Loan Feasibility Study for Raw Water Acquisition and Utilization page 2 101. The District relies on user fees and property taxes to fund operations and maintain the water system. The majority of taps serviced by the District are single family residential units. Business and commercial water customers make up approximately 4.25 percent of taps serviced by the District. The District is governed by a Board of Directors. The Board of Directors authorizes the District Manager to preside over the operations of the District. The names of the current directors and district manager are listed below: President Lissa Pinello Vice President Beverley Nichols Secretary /Treasure John Sandefur Director Charlotte Norman Director Roland Smith District Manager Ron Gasser The District has the power of eminent domain and has the authority to enter into contractual arrangements. The Order and Decree and By -laws for the District are included as Appendix A. The District uses an increasing block rate billing structure. As of July 10, 2006 the District billing rate structure is an $18.00 per month base charge, allowing usage up to 2,000 gallons. Over the first 2,000 gallons, $3.90 per thousand gallons is charged. The price of a new water tap in the District is $12,000 per equivalent residential unit (ERU). The supply for the District originates from the Pike's Peak watershed and is delivered by way of Beaver Creek then to the Beaver Park water supply system for delivery for treatment at the Penrose WTP and distribution to the District service area. BPW is the exclusive water supplier to the District. The District is under contract with BPW to lease water on an annual basis until 2020. Details of the lease with BPW are provided in more detail in Section 5.2 of this report. 3. SERVICE AREA The area to be served by the proposed project is the District service area as it currently exists or as it may exist in the future. The current District service area is generally located in the vicinity of the unincorporated community of Penrose, in Fremont Count, Colorado. The service area includes portions of Sections 17, 20, 21, 27 — 35, Township 18 South, Range 68 West; Sections 2 — 16, Township 19 South, Range 68 West; and Sections 25 and 36, Township 18 South, Range 69 West, all of the 6`h Principal Meridian (P.M.) in Fremont County, Colorado. The present service area of the District is shown on Figure 1. Leonard Rice Engineers, Inc. August 2006 — 1018PEN05 GMS, Inc.